Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away. Sharon agrees to do so, provided she has the time for it. What kind of contract do Mary and Sharon have?
A) preexisting duty
B) past consideration
C) illegal consideration
D) illusory promise
D
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While shopping at the mall, Jane was asked by one of the sales representatives at the cosmetics counter to try out a new lipstick that her company was test marketing
The company representative asks her how much she would be willing to pay for the lipstick. After trying it out, Jane is of the opinion that $5 is just the right price for it. What type of a reference price is Jane using? A) usual discounted price B) fair price C) maximum retail price D) last price paid E) historical competitor price
The point where the profit line intersects the left vertical axis on the profit-volume chart represents:
A) the maximum possible operating loss B) the maximum possible operating income C) the total fixed costs D) the break-even point
Choose the correct verb in parentheses. The team's recommendations (lead, led) to significant improvements in the production process
Being first on the market with a new product has a number of advantages, including all the following EXCEPT:
A. increased sales through longer sales life B. immediate profit C. more resale opportunities D. increased product loyalty E. greater market responsiveness