The answer is True.
The elasticity of demand is an important variation on the concept of demand
The elasticity of demand means how much the demand is influenced by the economic factor. Price is considered a common economic factor.
Elasticity can be calculated by the ratio of the percentage change in demand to the percentage change in price.
Demand can be elastic, inelastic, or unitary.
Demand is elastic when the change in quantity demanded due to a change in price is large.
Demand is inelastic demand when the change in quantity demanded due to a change in price is small.
Demand is unitary when the coefficient is equal to 1.