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Consider the following statements: a.Consumers rent more kayaks from a vendor that rents kayaks at a lower price than other rival kayak vendors along Waikiki beach.
B.Department stores take steps to increase security since they believe it is more costly to allow shoplifting than to install expensive security monitoring equipment.
C.Farmers produce more cotton when its selling price falls.
Which of the above statements demonstrates that economic agents respond to incentives?
Responsive
The capability of reacting quickly and positively to changes or demands in the environment.
Uncertainty/Responsiveness Map
This map visualizes the relationship between the uncertainty faced by an organization and its ability to respond effectively, aiding in strategic planning.
Responsiveness Spectrum
Describes the range of a company's ability to adapt its operations and processes to meet market changes and customer demands.
Strategic Fit
The degree of alignment between an organization's strategies and the external environment in which it operates.
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