Answer:
Lack of physical cues may lead to miscommunication
Explanation:
A 4 percent decrease in the price will lead to an increase in the quantity demanded by less than 4 percent.
<h3>What is demand?</h3>
Demand simply means the amount of goods and services that a buyer wants to buy at a particular price and time.
When the demand for product x is inelastic, a 4 percent decrease in the price of x will lead to an increase in the quantity demanded by less than 4 percent.
Learn more about demand on:
brainly.com/question/1245771
Answer:
<u>Part a: What will be the equilabrium price that Dumphy and Funke will charge?</u>
Answer: Price charged = $30
<u>Part b: What are the profits for Dumphy and Funke at the equilibrium price?</u>
Answer: Profit on equilibrium price = $0
<u>Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?</u>
Answer: Price competition
Explanation:
<u>Part a: What will be the equilabrium price that Dumphy and Funke will charge?</u>
Answer:
Price charged by each of the artists will be equal to their marginal cost.
Thus, equilibrium P = MC = $30.
<u>Part b: What are the profits for Dumphy and Funke at the equilibrium price?</u>
Answer:
Equilibrium profits will be 0 at the equilibrium because price charged is equal to MC, leading to no profits.
<u>Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?</u>
Answer:
Price competition - as changes in price will lead to changes in demand and thus sales
The right answer for the question that is being asked and shown above is that: "d. A sole proprietorship has a life of its own apart from its owner." It is considered as the simplest business form where one can operate. It is not a legal entity in itself.
