People Today Use Technology, Such as Social Networking Websites, to Communicate

question 40

Multiple Choice

People today use technology, such as social networking websites, to communicate as people traditionally used __________.

• A) meetings
• B) protests
• C) word-of-mouth
• D) mass mailings

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Definitions:

Perfectly Elastic Demand

A market situation in which demand for a product is infinitely sensitive to changes in price.

Inelastic Demand

A situation where the demand for a product or service does not significantly change in response to price alterations.

Elasticity Value

A measure in economics indicating how the quantity demanded or supplied of a good responds to changes in price or income.

Inelastic Demand

A situation in which the quantity demanded of a good or service changes by a relatively small amount in response to a change in its price.