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1)State true or false and justify your answer: Time is one of the factors that determines the elasticity of demand

Economics

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1)State true or false and justify your answer:

Time is one of the factors that determines the elasticity of demand.

2)

State true or false and justify your answer:

If movie prices increase by 30 percent and attendance (quantity of tickets demanded) drops by 40 percent, demand is considered inelastic.