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Let's say you're in IT and you're meeting with a software firm. Neither is the correct option as just about everyone will be wearing t-shirt and jeans. That doesn't make that particular business meeting any less important than let's say a negotiation between financial firms. I think the implicit assumption being made is that if you are in a CBD environment in the US, which suit do you choose?
No, let's use your own example.
If you were to attend a meeting with IT guys wearing t-shirt and jeans, and your only two choices were the ones presented, which one would you go with?