Answer:
Prospect theory
Explanation:
Prospect theory: In psychology, the term "prospect theory" is determined as one of the behavioral models that significantly displays the process through an individual decides or analyze between different alternatives that evolve high uncertainty and risk, for example, the loss of gain percent in anything.
The prospect theory explains that different individuals believe by analyzing the "expected utility" as compared to any "reference point" instead of any "absolute outcome".
In the question above, the given statement signifies the "prospect theory".
One of the effect of the increase in leisure time is the development of public places that built for the people who wanted to enjoy their leisure time, such as library, public parks, coffee shops, etc
Federalist no. 10 is an essay that James Madison as the 10th as the Federalist Papers, a series of essays initiated by Alexander Hamilton
Answer:
C) All factors other than the price of bananas (for example, consumer tastes and incomes) are assumed to be constant
Explanation:
When developing an economic model, only a limited number of variables can be taken into account for the sake of simplicity and understanding. Economic models never give a full picture of reality, only an approach.
The economic model alluded in the question is perhaps the most famous of all: the supply and demand model. It tells us that, assuming all else constant, the higher price, the less quantity is demanded, and the lower the price, the more quantity is demanded.
