When demand for a product changes because of its price, this product is said to be elastic.

question 1 options:
true
false

The correct answer is True

Explanation:

In the economy and related fields, elasticity is determined by whether there are changes in the demand for a product or service if the price of it increases or decreases. This implies a product is said to be elastic if people demand more or less of the product according to the price or inelastic if the demand is the same.

For example, electricity is an inelastic product because this is paid for most people despite changes in its price, which means demand is stable; on the other hand, beauty treatments are an elastic service because if the price reduces there is more demand and if it increases the demand reduces. Thus, it is true when demand for a product changes due to price the product is elastic.

after lydia compare her check register to her bank statement, and the ending balances do not seem to match. then, she must make a bank reconciliation by putting the data all together.

to do this, she need to determine the bank ending balance. after, add the deposits in transit then deduct the outstanding checks. moreover, if the actual checkbook balance does not equal this number, check again for transporting errors by subtracting the balances and add the difference to nine. sometimes, a mathematical error can happen but a bank reconciliation is a great tool to resolve the discrepancies.