Answer: a. the servers thinks demand for drinks and food is elastic.
Explanation:
Elastic demand is an economic concept that refers to the effect price has over the amount of a product consumers are willing to buy.
The law of demand affirms that the amount of purchases has an inverse relationship with the price, meaning that if prices rise, people won´t buy as much. The elasticity of demand allows us to estimate how much the purchases will decrease if the price increases, and vice-versa.
Answer:
Centration
Explanation:
In Piaget's theory of cognitive development, the second stage is called Preoperational Thought. During this stage, which occurs from age 4-7, the child begins to develop logic or reasoning. One of the processes that develops is that of Centration, which refers to the tendency to focus on only one aspect of a situation, problem or object.
Answer:
Sunk-cost fallacy.
Explanation:
The sunk-cost fallacy refers to the behavior done by the individuals when they continue such behavior because they already invested resources on it (time, money, effort).
In this example, <u>Les invested money on the megaphone of root beer,</u> he starts drinking it but <u>he becomes full, nevertheless he keeps drinking it </u>(even when his friend tells him he will get sick) <u>because he "bought it and not going to waste one drop of it"</u>
<u>Less continues drinking the root beer even though he's already full because he thinks he already invested money on buying it.</u>
Thus, this is an example of the sunk-cost fallacy.
Answer:
D. Predictive validity
Explanation:
Predictive validity is one approach of criterion validity that predicts individual performance on some measure scores administered at a later date. The judgement of being conscientious came from an accumulated observation of the individual attendance over time which clearly illustrate predictive validity.