Answer:
Reduce and more than 15 percent
Explanation:
As Inelastic Demand state that the percentage change in quantity demanded is less than the percentage change in price. Therefore, if the crop is 15 percent higher, farmers will have to reduce the cost of corn by 15 percent to sell the new crop. We know that supply and price share an inverse relationship to reduce sales as supply increases and new crops grow.
Answer:
The correct answer is option d.
Explanation:
In a perfectly competitive market, it is assumed that the buyers and sellers have perfect information and take their economic decisions accordingly. But in reality, buyers and sellers do not have perfect information.
Information comes at a cost, which can sometimes be high. The rational decisions of the consumers without full information can lead to irrational outcomes.
If the cost of gathering information is less than or equal to the benefit earned from the information, the consumers will gather information and make fully informed decisions.
But if the cost is higher than the benefits, the consumers will not gather information and make a less informed decision.
The restaurant business.
Hotels and pubs.
General specialist retailing.
Consumer services, such as hairdressing.
Answer:
A. Enters a national market after several other foreign firms have already done so.
