Answer: The correct answers are "A. Accept" and "$ 0.01".
Explanation: Given that we talk about optimal strategy when maximizing the expected profit by the player:
In the first case It is convenient to accept the proposal and keep $ 0.12, instead of rejecting it and running out of nothing.
And in the second case it is convenient to give the classmate as little as possible so that he accepts and we have a greater profit.
Answer:
Quantity demanded for balloons will increase.
Explanation:
According to the law of demand, there is an inverse relationship between the price of the commodity and the quantity demanded for that commodity.
This means that if there is an increase in the price of a good then as a result the quantity demanded for that good decreases and on the other hand if there is a fall in the price of a good then as a result the quantity demanded for that good increases.
Therefore,
Fall in the price of balloons will lead to increase the quantity demanded for balloons.
Answer:
The most suitable form of business ownership for Art's grandfather is sole proprietorship.
Explanation:
A sole proprietorship is a type of business formed and controlled by an individual.It is most flexible form of business in terms of capital requirement,registration of business and management.
The capital requirement for a one-man business is usually low unlike company whose start-up capital is much higher and might take some time to raise.
Sole proprietorship is not required to go through daunting process of incorporation as it is with limited liability company. Incorporation is the legal process involved in setting up a company.
The decision making in sole proprietorship is faster unlike a company that would require the board of directors to deliberate on issues before a decision is taken which might take weeks.
The disadvantages of sole proprietorship are discussed thus:
The sole proprietorship business has unlimited liability as the owners would have to pay business debts from private pocket if the liabilities of the business outweigh the assets
The death of a sole proprietor may signals the end of the business unlike a limited liability company where the demise of a shareholder has no impact on the business continuity.
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