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Lelechka [254]
2 years ago
10

Assume the manager is located at point B in the diagram above, and he is charging a price of P0. What does the demand for the fi

rm's goods look like if the management anticipates that rivals would not match price reductions but will match price rises instead of price decreases?

Business
1 answer:
Elena-2011 [213]2 years ago
8 0

The demand for the firm's goods based on the diagram given and the current price is elastic.

<h3>Why is the price elastic?</h3>

Demand is said to be elastic when quantity demanded decreases when prices increase, and vice versa.

Looking at the graph, if there is a price increase by management, the demand will decrease as shown by the space on the blue line above quantity B.

If prices reduce however, the demand increases as shown by curve D₂.

In conclusion, the demand is elastic.

Find out more on elastic demand at brainly.com/question/7966430.

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The opportunity cost is presented in situations where there are two or more good options, so the company must choose the option with more benefits leaving the second one that is known as the opportunity cost. The opportunity cost must have lower profits than the option selected.

For example, in the case of the pollution of a lake, the economist concluded that the elimination of pollution should be chosen if the benefit is more significant than the second-best option.

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<em>I hope this information can help you.</em>

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