A packaged fruit juice manufacturer contracts with several farmers to buy their orchards to support a new production facility. However, a particular orchard owner later refuses to sell his farm at the price in their contract. In such a case the court will order a liquidated damage.
Indicate whether the statement is true or false
QUESTION 2First movers
A) are usually firms with large market share.
B) are the first to bring out a new product.
C) usually copy successful products.
D) are mainly found in the computer industry.
E) have memorable trade names.
QUESTION 3The existence of antitrust law is one reasons economists assume that most strategic behavior in the marketplace is noncooperative.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 4If liquidated damages stated in a contract are too low, inefficient breaches will be profitable, and if damages are too high, efficient breaches will not occur.
Indicate whether the statement is true or false
QUESTION 5Business success is largely dependent on
A) being a first mover.
B) quality products.
C) dynamic management.
D) a global focus.
E) many different things.
QUESTION 6The primary difference between cooperative and noncooperative games is the ability to form contracts.
a. True
b. False
Indicate whether the statement is true or false
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