Price Elasticity measures the response of the consumers to change in price. The elasticity concept does not increase or decrease per se. It only measures change.

The degrees of elasticity are given as:

Unitary elastic: here elasticity is equal to 1

Perfectly Inelastic: here the is equal to zero

Relatively Inelastic: here the elasticity ranges from 0 to 1

Perfectly Elastic: here the elasticity is infinity

Relatively Elastic: here the elasticity ranges from 1 to infinity

Hence the answer to the above statement is TRUE