Time remaining: 1:33:24 Which of the following statements regarding price elasticity is false? O Demand is relatively inelastic if price changes have little impact on sales quantity. O Demand is elastic if a price change has a large negative impact on sales volume. O Demand is elastic if price changes have no impact on sales volume. The concept of price elasticity is an extension of the economic pricing model. Time remaining: 1:30:57 21. Privett Hospital bases its budgets on patient-visits. The hospital's static planning budget for November appears below: Budgeted number of patient-visits Supplies (@$3.20 per patient-visit) Laundry (@$4.70 per patient-visit) Salaries Occupancy costs Total 3,200 $ 10,240 15,040 21,330 21,990 $ 68,600 Actual results for the month were: Actual number of patient-visits Supplies Laundry Salaries Occupancy costs 3,430 $ 9,876 $ 15,848 $ 22,090 $ 23,390 The spending variance for supplies costs in the flexible budget performance report for the month is: O $364 F O $1,100 F $1,100 u $3640