Which of the Following Is the Best Example of Very

question 89

Multiple Choice

Which of the following is the best example of very low richness?

• A) Emailing the yearly holiday schedule to all employees
• B) Leaving voicemail
• C) Asking your supervisor for a raise
• D) Interviewing for a sale position

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Definitions:

Elastic

Describes a situation in economics where the demand or supply for a good or service significantly changes in response to a change in price.

Substitute Goods

Products or services that can be used in place of one another, with their demand being inversely related: as the price of one rises, the demand for the other increases.

Margarine

A butter substitute made from vegetable oils or animal fats, often used in cooking or as a spread.

Inelastic

A characteristic of a good or service whose quantity demanded or supplied changes by a smaller percentage than changes in price.