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frosja888 [35]
3 years ago
9

Janice always makes the first offer during salary negotiations because that number will become the starting point for any furthe

r discussions. This is an application of what concept? a. representativeness heuristic b. anchoring and adjustment heuristic c. availability heuristic d. algorithm
Business
1 answer:
Ira Lisetskai [31]3 years ago
8 0

Answer:

b. anchoring and adjustment heuristic.

Explanation:

Anchoring and adjustment heuristic is a Psychological heuristic in which a person or individual influences others by suggesting a starting point. The other person will then rely on the first information offered and an anchor is then placed. The further judgment is made around that anchor which created a bias toward interpretation of information.  

Janice also used a strategy of anchoring and adjustment bias by giving first offer of salary. This will be considered as anchor which is placed and all the other negotiations will be around that salary anchor which will be used as starting point.

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The following is a free response question released by the College Board from a previous AP exam to be used as practice for futur
astraxan [27]

<u>Solution and Explanation:</u>

(a). Firm in perfect competition produces at minimum efficient scale, MEC where average cost AC is minimum. The price is determined by the market supply and demand.

(b) Note that q1 is at the minimum of AC while Q* is to the left of q1. Similarly, P1 is equal to MC while P* is higher than MC. This shows that firms in perfect competition produce more and charge less than the firms in monopolistically competitive market.

(c) All firms in monopolistically competitive market as well as perfectly competitive market earn zero economic profit in the long run. This is because there is a free entry and exit

(d) Demand is steeper for firms in monopolistically competitive market so that demand is elastic. Demand is horizontal for any quantity which means it is perfectly elastic for a firm in competitive market.  

5 0
3 years ago
If a market is semistrong-form efficient, this implies that above-average returns cannot be achieved by analyzing publicly avail
Shkiper50 [21]

Answer:True

Explanation:

6 0
3 years ago
When does a corporation record an increase in Dividends Payable?
Gnoma [55]

Answer:

B. On the declaration date

Explanation:

Dividend payable are usually advised by management but must be ratified by the shareholders (usually in the annual general meeting) for such to be come recognizable in the books. The date of ratification is the declaration date

As such a corporation record an increase in Dividends Payable on the declaration date.

The right option is B. On the declaration date

4 0
3 years ago
A product sells for $5, and has unit variable costs of $3. This product accounts for $20,000 in annual sales, out of the firm's
Ronch [10]

Answer:

0.1333

Explanation:

Given that,

Selling price = $5

Variable cost = $3

Annual sales = $20,000

Total sales = $60,000

Contribution margin:

= Selling price - Variable cost

= $5 - $3

= $2

Number of units sold:

= Annual sales ÷ Selling price

= $20,000 ÷ $5

= 4,000 units

Total contribution sales:

= Number of units sold × Contribution margin per unit

= 4,000 units × $2

= $8,000

Weighted contribution:

= Total contribution sales ÷ Total sales

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= 0.1333

6 0
3 years ago
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harkovskaia [24]

Answer:

Premium, value

Explanation:

Premium Pricing Strategy: this a strategy used by companies to drive up the prices for their products. This strategy is used when customers can be convinced that a company will offer a higher value than its competitors.

For example, looking at the prices of a Rolls Royce Phantom and a Toyota, one costs $450,000 and the other costs $25,000, both will take you from your office to your house, but some customers will prefer to buy the Rolls Royce, this is because of the value the Rolls Royce offers.

Value: this is the worth or usefulness of something. Therefore, if a company can offer value for money, customers will be willing to pay.

8 0
3 years ago
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