The Term "Satisficing" for Decision-Making Behavior by Many Firms Was

question 17

Multiple Choice

The term "satisficing" for decision-making behavior by many firms was coined by

• A)Milton Friedman.
• B)Adam Smith.
• C)Herbert Simon.
• D)Alan Greenspan.

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Definitions:

Relatively Inelastic

A situation where a change in the price of a good or service causes a comparatively smaller change in the quantity demanded or supplied.

Necessities

Goods and services that are essential for survival, such as food, shelter, and healthcare, often characterized by inelastic demand.

Luxuries

Goods or services that are considered non-essential but are desired for their ability to provide comfort, convenience, or pleasure.

Elasticity Of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.