An Increasing Number of Canadian Workers Work Out of Their

question 88

Multiple Choice

An increasing number of Canadian workers work out of their homes with technological conveniences such as personal computers, high-speed Internet access, and fax machines. These workers are referred to as the ________ market.

• A)LOHAS
• B)SOHO
• C)Gen X
• D)Millennial
• E)Micropolitan

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Definitions:

Substitution Effect

The change in the consumption pattern of goods or services due to a change in their relative prices, causing consumers to replace more expensive items with cheaper alternatives.

Income Effect

The change in the quantity demanded of a good resulting from a change in consumer income, holding prices constant.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.

Total Revenues

The overall amount of money generated from sales of goods or services before deducting any expenses.