The "wheel of retailing" theory says that
A. retailers go through cycles from high costs and prices to lower costs and profits.
B. new types of retailers enter as low-status, low-margin, low-price operators and eventually offer more services and charge higher prices.
C. general stores will dominate U.S. retailing again in the next century.
D. None of these answers is correct.
Answer: B
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Giorgio runs a baseball equipment supply store. He specializes in supplying batting cages with new and used pitching machines. Giorgio sold Juanita a used pitching machine for her softball team. Juanita signs a lengthy contract in which Giorgio disclaims all liability and sells the machine to her "as is." These terms are in the same font as the rest of the text and not bolded, underlined, or otherwise highlighted. When Juanita gets the machine to her house, it catches fire and burns down her garage. Is Giorgio potentially liable for the damage?
What will be an ideal response?
Because it could be considered an attempt to create a monopoly, which pricing strategy is illegal under U.S. law but is difficult to prove?
A. price discrimination B. deceptive pricing C. price inflation D. predatory pricing E. price fixing
Sami Baker is hired by an office as a clerk. She is put on probation for three months. Her employer is concerned that she is not "getting it", but he offers her permanent employment
He makes it clear to her, however, that her performance will have to improve. Sami's work is still poor, but her boss says nothing further to her until, about three months later. At that time she makes a particularly serious mistake so he fires her on the spot. Which of the following statements is TRUE? A) Incompetence is cause for dismissal without notice. B) It was a condition in Sami's employment contract that her performance improves and since it didn't, her boss was justified in firing her. C) Sami was entitled to formal notice and an opportunity to improve her work. D) Since the employer did nothing in response to Sami's incompetence, he approved of it E) Both C and D
Which of the following are causes of industry and market changes?
a. process needs b. advancements in technology c. unexpected occurrences d. natural disasters