Adam Thomas' Company Has Just Invented a Product That Will

question 91

True/False

Adam Thomas' company has just invented a product that will reduce the time it takes to construct a new home by one-third.However,his company's product is not doing well in third world countries.The reason is probably that laborsaving features are of little importance when time has limited value and labor is plentiful.

---

Definitions:

Elasticities of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, showing the responsiveness of consumers.

Distinct Groups

Groups characterized by clear, definable differences or boundaries in social, economic, demographic, or other relevant aspects.

Southwest Airlines

This is an American low-cost carrier known for its unique business model and customer service approach.

Passenger Traffic

The movement of passengers via modes of transportation such as air, sea, or land.