If While Working on Your Small Group Project,one Member Prefers

question 9

Multiple Choice

If while working on your small group project,one member prefers to manage and schedule meeting times,working on one problem at a time,he is manifesting what time orientation?

• A) multiculturalism
• B) monochronic
• C) polychronic
• D) personal
• E) individualism

---

Definitions:

Elastic Demand

A situation where the demand for a product changes significantly in response to a change in price.

Short Run

A period in which at least one input is fixed and cannot be changed by the firm.

Substitutes

Products or services that can replace each other, where an increase in the price of one leads to an increase in demand for the other.

Elastic Demand

Elastic Demand occurs when the quantity demanded of a product changes significantly as its price changes.