A Communication Medium That Is Moderate in Both Information Richness

question 100

Multiple Choice

A communication medium that is moderate in both information richness and data capacity is:

• A)the telephone
• B)electronic mail
• C)face-to-face discussion
• D)formal numeric report

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Definitions:

Pareto Optimal Allocations

A situation where resources in an economy are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.

Trade

The exchange of goods, services, or both between two or more parties.

Numeraire Good

An economic term referring to a benchmark commodity or asset used to compare the value of other goods or assets.

Utility Function

A utility function is a mathematical representation used in economics to model satisfaction or preference regarding goods or services by consumers.