Answer:
Option (b) is correct.
Explanation:
The demand for a particular good is more inelastic if an increase in the price of a good doesn't or little effect on the demand for that good.
If there are fewer substitutes available for a particular good then an increase in the price of a particular good doesn't affect the demand for that good much because of the less alternatives available for the consumers.
Hence, they have to purchase this good even at a higher prices, so, the demand for that good doesn't or little change.
That's why the demand for those goods tends to be more inelastic.
The answer is <span>The stock market dropped dramatically.
By the time of its Bankruptcy, The Lehman Brothers had $ 619 Billion in Debt with only $ 22.5 Billion in Capital.
This means that as soon as they announce their bankruptcy, that $ 619 Billion will dissapear from the market and will damage whoever involved with the Bank, which caused investors to lost confidence in the Market.
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Answer: Anchoring bias
Explanation: Anchoring bias is described as the tendency to focus on one value or idea known as the “anchor” and not adjust away from it sufficiently (the simple act of thinking of the first number strongly influences the second, even though there is no logical connection between them); It is also defined as the tendency of people to place subsequently refined answers to a given question close to the initially estimated answer, giving unduly weight to the initial answer, such as adjusting the initial estimate of 10% to 20% when 90% would have been more appropriate.
Some examples of anchors might include: real estate listing prices, initial cost estimates for development projects, salary of your last job etc.
Answer: Request a meeting with Betty, the previous manager
Explanation:
When assuming a role in an organization it's best to get in touch with the previous manager or head of the department you want to assume and get to know how the office was ran before now that you're about to take over the position. This gives you a platform or a ground on which you as the new manager can work on or work with.
The first priority Mike should look into is meeting with the previous manager, Betty, so she can give him guidance and information