Rayburn Reed Is a Highly Talented Photographer

question 46

Multiple Choice

Rayburn Reed is a highly talented photographer. He has chosen to specialise in photography because of all of the following except:

• A)he obviously has a comparative advantage in photography.
• B)his opportunity cost of pursuing another career is very low.
• C)for him, this is the most lucrative way to purchase the products that he wants to consume.
• D)his photographs are highly esteemed by art lovers who are willing to pay very high prices.

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Definitions:

Accommodation

The act of adjusting or adapting one's actions, decisions, or opinions to accommodate or meet the needs of others.

Intangibles

Non-material factors that can influence negotiations, such as reputation, relationships, or principles.

Bargaining mix

The range of topics, issues, or objectives that parties negotiate and discuss in an attempt to reach an agreement.

Avoidance strategy

A method chosen to sidestep potential problems, conflicts, or risks by staying away from certain actions or decisions.