Answer:
ELASTIC
DECREASING PRICE
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
The demand for your parking lot spaces is elastic. if the price of parking is reduced, the demand for parking would rise
Answer:
e. the expected marginal benefit exceeds expected marginal cost
Explanation:
Rational decision making refers to deciding in favor of those decisions which yield favorable results. The decision making process takes into account rational, unbiased objective thinking before opting for a course of action.
Marginal benefit refers to how much a consumer is willing to pay to consume an additional unit of output.
Marginal cost refers to the additional cost incurred when another unit of an output is produced.
A rational decision maker makes a change only in the scenario wherein, the marginal benefits derived from consuming a product exceed the marginal cost associated with the product.
79 companies began to
produce sporting goods products between 1880 and 1890.
Some big companies that
had formed much earlier converted to sporting goods. Draper & Maynard, for
example, made men's gloves in the 1840s, but began manufacturing baseball
gloves and hunting gloves in the 1880s.
a movement from one point on the demand curve to a lower point on the demand curve An increase in quantity demanded brought on by a decrease in price is represented by a movement from one point on the demand curve to a lower point on the demand curve.
<h3>What is
demand curve?</h3>
A demand curve is a graph in economics that depicts the relationship between the price of a commodity and the quantity of that commodity that is demanded at that price. Demand curves can be used to model the price-quantity relationship for a single consumer or for all consumers in a given market.
The demand curve depicts the relationship between the price of a good or service and the quantity demanded over a given time period. A typical representation will show the price on the left vertical axis and the quantity demanded on the horizontal axis.
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Strategic thinking contributes to rational thinking because when you strategically think about different things you are strategizing components and it comes clear of what it is and then it becomes just common sense.
