Other Things Being Equal, Demand Is Less Elastic

question 358

Multiple Choice

Other things being equal, demand is less elastic

• A) the more expensive the good is.
• B) the smaller the percentage of a total budget that a family spends on a good.
• C) the longer is the time period for adjustment.
• D) the more substitutes a good has.

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Definitions:

Member Diversity

The range of differences among members of a group or team, including demographics, skills, experiences, and perspectives, which can influence group dynamics and outcomes.

Subgroups

Smaller groups formed within a larger group, often with common interests or characteristics distinguishing them from the larger group.

Team's Composition

The makeup or arrangement of individuals within a team, including their skills, roles, and diversity.

Member Empowerment

The process of granting authority or power to team members to make decisions and take action within their roles.