When There Are Few Substitutes Available for a Good, Demand

question 250

True/False

When there are few substitutes available for a good, demand tends to be relatively inelastic.

---

Definitions:

Performance Evaluation

The process of assessing the performance of employees, systems, or organizations against predefined standards.

Incentive Alignment

Or goal alignment occurs when an employee has enough information to make a good decision and the incentive to do so.

Incentive Pay

Compensation designed to reward employees for achieving certain performance targets or objectives, aiming to boost productivity and outcomes.

Commission Sales

A payment model where sales personnel receive compensation based on the amount or value of products or services they sell.