Answer:
Price Level is B. The average level of prices
Explanation:
Price level is the average of current prices across the entire spectrum of goods and services produced in the economy.
Price level refers to the price or cost of a good, service, or security in the economy.
Reference: Kenton, Will. “Reading Into Price Levels.” Investopedia, Investopedia, 27 Sept. 2019
It should be noted that the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded.
It should be noted that an elastic demand simply means a situation whereby a change in the price of a good lead to a larger change in the quantity demanded.
In this case, the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded. For example, an increase in price will make the customers buy other fruits.
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Answer: difficulty of accurately assessing the advertising costs necessary to accomplish the goals
Explanation: Objective and Task control method; objective task control method is a system used by companies to allocates certain amount of money to to be used for it's marketing budget based on some objectives, rather than choosing a random amount or deciding it's marketing budget based on sales revenues or projections alone. This means advertising budget is based on set objectives. The challenge faced is their inability to correctly determine the cost necessary to accomplish the set objectives or goals.
Black markets are illegal markets that emerge in response to price controls. A few buyers are able to obtain the good at the open-market price; the rest must resort to illegal means. The additional demand is met by underground suppliers selling at much higher prices.
The government does not support the black market or any of their actions with getting items and selling them in other forms. Those who are in demand of a good when they have a hard time in getting it may purchase it illegally at a higher price just so they can receive that good. When there is an exchange of goods in the black market, these items are usually prohibited by the government and therefor illegally being sold.
3. Classical economics assumes people are rational and logical while behavioral economics adds psychology to the mix.
A major theory in classical economics is that human beings are rational and, given the necessary information they will make rational decisions and act rationally, however, Behavioral economics assumes that people are irrational players.
