3. Total outlay is price multiplied by quantity. State whether the following statements are TRUE and FALSE.

State whether the following statements are TRUE and FALSE.
3.  Total outlay is price multiplied by quantity.
Answer: 
TRUE
Total outlay or total expenditure is a method of measuring price elasticity. Total expenditure of a good is defined as the product of its price and the quantity demanded at that price.
 Algebraically,
Total Outlay = Price × Quantity Demanded

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