When the Demand for a Good Is Inelastic, That Good

question 40

Multiple Choice

When the demand for a good is inelastic, that good is likely to have:

• A)many close complements.
• B)few close complements.
• C)many close substitutes.
• D)few close substitutes.

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Definitions:

Behaviourally Anchored Rating Scale

A scale that uses specific descriptions of actual behaviours to rate various levels of performance.

Performance Appraisal

The systematic evaluation of employee performance against set objectives, often used as a basis for decisions on promotions, bonuses, and developmental needs.

Actual Behaviours

The observable actions or reactions of individuals or groups in response to their environment or stimuli.

Coaching

A form of training where an experienced employee offers performance advice to a less experienced co-worker.