Demand for a Product Is Said to Be Inelastic If

question 1

True/False

Demand for a product is said to be inelastic if a change in price has a substantial effect on the number of units sold.

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Definitions:

Marginal Tax Rate

The percentage of tax applied to your income for each additional dollar of income.

Average Tax Rate

The proportion of total income that is paid in taxes, calculated by dividing the total taxes paid by the total income.

Income

Cash inflow, regularly obtained, as compensation for work or earnings from invested capital.

Average Tax Rate

The average tax rate is the proportion of total taxable income paid in taxes, calculated by dividing the total tax paid by the total income.