Media Richness Refers To

question 40

Multiple Choice

Media richness refers to:

• A) Total profits of newspapers,television networks and radio broadcasting companies within a society
• B) The data-carrying capacity of a communication medium
• C) The financial and emotional cost of transmitting a message from one person to another person within the same organisation
• D) The extent to which a message is conveyed through information technology rather than human interaction

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Definitions:

Elastic Supply

Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a small change in its price.

Inelastic Demand

A market situation where the demand for a product does not significantly change in response to price changes.

Inelastic Supply

A scenario in which the amount of a product or service provided is not significantly affected by variations in its price.

Luxury Tax

A tax imposed on expensive goods which are considered non-essential, aimed at discouraging their purchase or generating government revenue from luxury items.