Answer:
True
Explanation:
Exceptionally good weather will guarantee a good yield in crops. This will lead to an increase in supply of produce to the market, and when supply increases, the supply curve shifts to the right.
This is simply because there are more products and more sellers, and this will result in more supply.
Answer: Economy of the country.
Explanation:
The environmental characteristics affecting businesses in Rhenasia is the negative economy of the country. The country of Rhenasia is facing a recession in their economy, this has directly led to a drop in sale of businesses across the country.
Answer:
<h2>Considering absence of collusion,the firms will choose low price in this instance.</h2>
Explanation:
- First,focusing on all the possible payoffs for the firms under low price situation, the possible individual payoffs for the firms are $8 million and $16 million considering that the other firm chooses low price and high price respectively.
- Now, regarding the individual payoffs from choosing high price, the possible payoffs for the firms are $12 million and $4 million, considering that the other firm chooses high price and low price respectively.
- Therefore, notice that considering all possible scenarios,both the minimum and maximum payoffs from choosing low price are actually higher than the same estimates under choosing higher price.
- Hence, to ensure a higher subsequent individual payoff, both the firms would expectedly choose lower price considering the possibilities of both higher minimum and maximum payoff compared to choosing higher price.
Answer:
The correct answer is letter "A": larger; demanded.
Explanation:
Elasticity is the characteristic of goods and services by which their quantity demanded changes in proportion to the change in prices. <em>Elasticity is calculated by dividing the percentage change in the quantity demanded by the percentage change in price. </em>
<u><em>If the result is equal to or greater than one (1), the demand for the product is elastic, meaning a minimum change in price causes a greater change in quantity demanded</em></u>. If the result is lower than 1, the demand is inelastic which implies that changes in the price of a product almost do not change the quantity demanded.
