Answer:
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Explanation:
Taking CLOTHING as an example
Clothing has elastic demand.
True, people have to wear clothes, but there are many choices of what kind of clothing and how much to spend.
When some stores offer sales, other stores have to lower their clothing prices to maintain demand.
Small stores that can't offer huge discounts go out of business.
During the Great Recession, many clothing stores were replaced by second-hand stores that offered quality used clothing at steeply discounted prices.
Answer: Edward Thorndike law of effect.
Explanation:The law of effect suggested that responses closely followed by satisfaction will become firmly attached to the situation and, therefore, more likely to reoccur when the situation is repeated. Conversely, if the situation is followed by discomfort, the connections to the situation will become weaker, and the behavior of response is less likely to occur when the situation is repeated.
In the case of Todd, the act of reading to him brings so much satisfaction to him that he request for books to be continually read to him. Conversely, because of of discomfort washing his hair brings, hes connection to the situation is weak and thus goes into hiding anytime he sees his parent with shampoo because he assumes that they want to wash his hair.
Answer:Investing mainly in a diversified set of securities
Explanation:
Investing in a diversified set of securities reduces the risk of investment so it is better to invest in multiple plans rather investing Large capital in a single investment Plan.
Most Popular Investment Plans are PPF (Public Provident fund) and Equity funds which is intended for low risk takers and tax benefits respectively.
This is an example of <em>framing</em>
The response of the clients towards a product depends on how the data about it is presented.
