I believe it would be representative money. Good luck!
Answer:
The response to these questions can be defined as follows:
Explanation:
In the given scenario, the buyer was requested that perhaps the nephew give him the paintings and threatened to sue if they did not. Because the nephew said to the buyer that uncle possibly has painted the nephew's painting are used to give them the best basis to cancel the agreement with both the buyer.
Answer:
d. not liable because the consideration is in the past.
Explanation:
In order for a valid contract to exist (and then be breached), consideration must be exchanged between the parties involved. E.g. if I just decide to give money to my school because of the good education I got there, it is considered a gift. The consideration from the school took place in the past, it is not exchanging anything with me right now.
The same happens here, the consideration which is the years served is part of the past, nothing is being exchanged in the present. This should be considered a gift from the employer.
Answer:
Development - Penetration Pricing/Price Skimming
Growth - Competitive Pricing/Value-based Pricing
Maturity - Competitive Pricing
Decline - Bundle Pricing
Explanation:
The pricing strategy that would be most effective considering both the market's needs and the product life cycle are as follows:
1. Development: If and when the product is in this stage which is the first stage of the product life cycle, there is need to penetrate the market because it is a new product, hence the need for the 'penetration pricing strategy'. Howbeit, if the company is a monopoly and there is available demand it should rather charge a high price (price skimming) until competition sets in and price is reduced to compete with the entrants.
2. Growth: At the growth phase of the product life cycle, customers have known the product and it would be wise to charge a price that suits the value perceived by customers, hence the need for 'value-based pricing'. On the other hand competitive pricing helps to match pricing with the price of substitute goods in the market.
3. Maturity: At this phase of the product life cycle sales is beginning to level-out and competition would have become intense, hence the need to stick with the 'competition pricing strategy'
4. Decline: At this stage the product is almost being phased out and outdated and the best pricing strategy is 'bundle-pricing' where the declining product is attached with trending products and sold together. For example cameras are on the decline but mobile phones are trending. A company can choose to tie both products together and sell as one.
Answer:
b) Prices will fall and quantity will rise.
Explanation:
A new entrant that offers competitions to taxi services increases the supply of transport services. Customers that had been used to getting services from one source will now have a choice.
As per the law of supply, an increase in supply leads to a decrease in the price. Monopolies set high prices to maximize profits due to a lack of competition. The two companies will try to win customers by offering competitive prices. An increase in competition represents an increase in quantities supplied, which results in lower prices.