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Answer:
D. no control over either the price of pretzels or the wage it pays to its workers.
Explanation:
A competitive market is characterised by many firms that are price takers. Firms that are price takers have no influence over the price they charge for their products; prices are set by the forces of demand and supply.
If the market for pretzels are competitive, the firm cannot set the price for pretzels. If the pretzel stand owner increases the price for pretzels, consumers patronize other pretzel stand owners. There would be no incentive for the pretzel owner to reduce its cost because the pretzel stand owner would be reducing its revenue and reducing its profit
If the market for pretzel makers is competitive, firms have no influence on wages that can be paid to workers.Wages are determined by the forces of demand and supply. If wages are cut, workers move to other firms. There would be no incentive to increase wages because it would increase cost and reduce profit.
Answer: Concentrated strategy
Explanation: In simple words, concentrated strategy refers to the strategy in which the organisation places its limited resources to a particular area and works to place their dominance in that area.
In the given case, The organisation is selecting a single primary market as their target.
Thus, we can conclude that they are using concentrated strategy.
The answer is<u> "b.expense recognition principle".</u>
The expense recognition principle expresses that costs ought to be perceived in indistinguishable period from the incomes to which they relate. On the off chance that this were not the situation, costs would probably be perceived as acquired, which may originate before or take after the period in which the related measure of income is perceived.
The expense recognition principle is a center component of the gathering premise of bookkeeping, which holds that incomes are perceived when earned and costs when devoured. On the off chance that a business were to rather perceive costs when it pays providers, this is known as the money premise of accounting.
Answer:
Framing effects.
Explanation:
Framing effect in psychology is the cognitive bias whereby an individual makes decisions based more on the information presented than on one's own choice. In other words, when someone makes a decision that is influenced more by the effects of the information on others than on one's own opinions.
In the given scenario, Josh's decision to have tiramisu only when others are having dessert and not if he would be the only one having dessert is affected by the framing effect. This is because his decision is influenced by the way others behave rather than his desire to eat even his favorite dessert.
Thus, the correct answer is the framing effect.
