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Chapter 8
Competition and Strategy
TRUE/FALSE
1. Innovative ideas often exist in an environment of uncertainty, and their probabilities of success usually
cannot be determined in an objective way.
ANS: T PTS: 1 DIF: Easy NAT: Analytic
2. A person with no competitive ideas can earn above market average returns at low risk by investing in a
diversified portfolio of stocks.
ANS: F PTS: 1 DIF: Easy NAT: Analytic
3. A seller with market power has greater command over product price compared to a perfect competitor
and is thus less enthusiastic in devising new ways to create economic value.
ANS: F PTS: 1 DIF: Medium NAT: Analytic
4. One possible reason for Wal-Mart’s success is that centralized-decision making provides economies of
scale that allow it to aggressively bargain down wholesale prices of standard consumer goods.
5. If the seller of a good gets less than his/her opportunity cost and the buyer pays more than his/her
valuation of the good, economic value is created.
ANS: F PTS: 1 DIF: Easy NAT: Analytic
6. Suppose Melita is willing to pay a maximum of $30 for a pair of normal sunglasses and $36 for the
same pair with a double UV-protection filter. If the unit cost of upgrading a product is $6, the seller
will upgrade the product if Melita pays at least $35 for it.
ANS: F PTS: 1 DIF: Medium NAT: Reflective Thinking
7. If an economic change lowers the production cost of a commodity but does not reduce its market price,
economic value will be created.
ANS: T PTS: 1 DIF: Medium NAT: Analytic
8. Ezybuy is a newly opened chain of departmental stores that offers its customers free home delivery for
purchases above $100. If this promotional policy increases the cost borne by the seller by $10 for
every transaction, while each customer values this service at $3, it can be said to generate economic
value.
ANS: F PTS: 1 DIF: Medium NAT: Analytic
9. If the demand curve for a commodity faced by sellers is highly elastic, buyers have greater ability to
substitute away from it.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to
a publicly accessible website, in whole or in part.
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10. Assume that a product upgrade strategy adopted by a microwave oven manufacturer increases his
marginal cost by $1.50. If the strategy also increases the demand for the product by $3.50 per unit,
total economic value will increase.
ANS: T PTS: 1 DIF: Easy NAT: Reflective Thinking
11. Investment in a new facility is likely to increase the annual profit of a fertilizer producer by $85. The
producer will purchase the facility only if it requires an annual investment of $90.
12. Assume that the adoption of a new technology costing $8 per year lowers the marginal cost of
producing Good X from $7 to $3. The firm will adopt the new technology if it expects annual profit to
increase from $14 to $18.
13. When an innovation spreads among producers, the earlier adopters enjoy longer-lived streams of profit
before the market reaches its new long-run equilibrium.
14. If Electro is a retailer of ductile iron pipes manufactured by Steelfact Corporation, an agreement
between these two companies will be called a horizontal agreement.
ANS: F PTS: 1 DIF: Easy NAT: Reflective Thinking
15. Large firms that invest in specific assets which cannot easily be redeployed to other uses or locations,
may be able to protect their profits for longer than if they do not make such investments.
MULTIPLE CHOICE
1. Food retailers usually do not compete on which of the following factors?

a. Price
b. Variety
c. Location
d. Packaging
ANS: D PTS: 1 DIF: Easy NAT: Analytic
2. Which of the following facts about competitive ideas is true?

a. A successful competitive idea should be big in terms of investment.
b. A competitive idea is usually built on a foundation of other ideas.
c. A competitive idea should necessarily be scientific.
d. A successful competitive idea must be original.
ANS: B PTS: 1 DIF: Easy NAT: Analytic
3. Temporary discounts offered to customers by competitive retailers usually reflect:

109
a. output rationing.
b. a rise in market demand.
c. price discrimination.
d. a fall in input prices.
ANS: C PTS: 1 DIF: Easy NAT: Analytic
4. Wal-Mart’s store managers have the authority to stock items and price them to satisfy localized
demand. Which of the following properties of this retail store is illustrated here?
a. Relationship with employees
b. Regional relationships
c. Centralized decision making
d. Decentralized decision making
5. Which of the following is a reason behind Wal-Mart’s success?

a. Absence of unionization and encouragement of merit-based promotions.
b. Complete control over the market price.
c. Presence of regional managers in the field rather than at headquarters.
d. Centralized control and inspection over the functioning of store managers.
ANS: A PTS: 1 DIF: Medium NAT: Analytic
6. The difference between opportunity cost of the sellers and the valuation of the buyers is known as:
a. social cost.
b. economic value.
c. deadweight loss.
d. consumer surplus.
7. Under which of the following situations would a seller prefer to incur the cost of improving the
product quality?
a. If the increase in buyer’s valuation for the improved product is higher than the cost of
improving it.
b. If the increase in the seller’s opportunity cost of improving the product is higher than the
price of the product.
c. If the product improvement lowers the producer surplus.
d. If the product improvement allows the seller to a break even.
ANS: A PTS: 1 DIF: Easy NAT: Analytic
8. Suppose the cost of producing cellular phones declines from $25 to $20. If buyers’ valuations remain
fixed at $30, the transaction would create _____ more economic value.
a. $10
b. $5
c. $2
d. $15
ANS: B PTS: 1 DIF: Medium NAT: Analytic
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The figure given below represents a firm in a market characterized by many buyers and one seller. MC
represents the initial marginal cost, MR the initial marginal revenue, and D the initial demand curve of
the firm in equilibrium. Further, MC', D', and MR' represents the revised marginal cost, demand, and
marginal revenue respectively after the firm adopts the strategy discussed below.
Figure 8-1
9. Refer to Figure 8-1. If the firm purchases a new machinery which produces fewer defective units of
output using the same variable inputs as before, which of the following changes will be observed?
(Assume that consumers suffer losses from defective units that they cannot otherwise recover.)
a. The marginal cost curve will shift upward from MC to MC’.
b. The marginal cost and demand curve will shift upward to MC’ and MR’ respectively.
c. The marginal revenue and demand curve will shift upward to MR’ and D’ respectively.
d. The marginal cost and marginal revenue will shift upward to MC’ and MR’ respectively
ANS: C PTS: 1 DIF: Easy NAT: Reflective Thinking
10. Refer to Figure 8-1. Will the firm invest in the purchase of new machinery which improves the quality
of its product?
a. It will not as the demand for the firm’s output declines after using the new machine.
b. It will not as the firm’s profit margin reduces after using the new machine.
c. It will if the annual cost for this machinery is more than $5.
d. It will if the annual cost for this machinery is less than $7.5.
ANS: D PTS: 1 DIF: Medium NAT: Reflective Thinking
11. In a market characterized by many buyers and one seller, investment in informative advertising by a
seller can ____ the price of a commodity to customers and lower their _____ cost of acquiring
information.
a. decrease; sunk cost
b. increase; transaction cost
c. increase; sunk cost
d. decrease; transaction cost
111
represents the marginal cost, MR the marginal revenue, and D the demand curve of a firm. The firm is
initially in equilibrium producing 6 units of output at a price of $10 per unit.
Figure 8-2
12. Refer to Figure 8-2. Suppose the adoption of a new technology lowers the cost of production while the
buyer’s valuation remains unchanged. Which of the following changes will be observed by the firm?
a. The demand curve for its product will shift to the left.
b. The marginal cost curve will shift downward.
c. The equilibrium output of the firm will fall below 6 units.
d. The marginal revenue curve will shift downward.
ANS: B PTS: 1 DIF: Medium NAT: Reflective Thinking
13. Refer to Figure 8-2. Suppose the adoption of a new cost saving technology lowers marginal cost by $2
although the buyer’s valuation remains unchanged. This allows the firm to produce 8 units of output at
a price of $8 per unit. The profit earned by the firm will:
a. increase by $10.
b. decrease by $5.
c. remain unchanged.
d. increase by $5.
ANS: A PTS: 1 DIF: Medium NAT: Reflective Thinking
14. Which of the following is an example of a one-time investment made by a seller to reduce the
transaction cost on all units of output?
a. Providing customers a wide range of products
b. Hiring a distribution agency
c. Merging with its rival brand
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d. Creating a brand name which signals quality
15. In a market characterized by a single seller and many buyers, a seller’s investment to reduce
transaction costs can lead to which of the following situations?
a. It can reduce producer surplus in the long run.
b. It can raise the price paid by customers and still make them better off.
c. It can decrease the brand value of the product.
d. It can lower the quality of the product in the long run.
is the initial marginal cost of the seller. MC' denotes the marginal cost inclusive of the $1 transaction
cost. On the other hand, buyers incur a transaction cost worth $2 represented by the vertical distance
between D and D'. MR and MR' represent the marginal revenue curve corresponding to the demand
curves D and D' respectively.
Figure 8-3
16. Refer to Figure 8-3. Determine the profit maximizing price and output when MC’ is the marginal cost
of the seller and the transaction cost incurred by the buyer is $2.
a. Output = 2.5 units and price = $8.25
b. Output = 2.5 units and price = $6.5
c. Output = 3 units and price = $9
d. Output = 3 units and price = $6.5
17. Refer to Figure 8-3. Suppose the seller incurs an additional cost of $1 per unit of output to reduce the
transaction costs of the buyers to zero. Determine the profit maximizing price and output when the
buyers incur zero transaction cost.
c. Output = 3 units and price = $9
d. Output = 3 units and price = $6.5
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ANS: C PTS: 1 DIF: Medium NAT: Analytic
18. Refer to Figure 8-3. Suppose the seller incurs an additional cost of $1 per unit of output to reduce the
transaction costs of the buyers to zero. How will the profit earned by the seller change?
a. The firm’s profit will increase by $0.62.
b. The firm’s profit will increase by $2.6.
c. The firm’s profit will remain unchanged.
d. The firm’s profit will decrease by $6.2.
In the figure given below, Panel A represents preexisting firms which are in long run equilibrium at
price P0 and output q0. MC and AC represents the marginal cost and the average cost of the preexisting
firms. Panel B represents a market where every seller has the smallest ability to affect prices. The
market is in equilibrium at price P0 and output Q shown by the intersection of the long-run supply
curve (LRS) and market demand (D).
Figure 8-4
19. Refer to Figure 8-4. If a preexisting firm adopts a new cost effective technology (which reduces
production costs). Which of the following changes will be observed?
a. The price level in the market will shift upward.
b. The market demand curve will shift to the right.
c. The LRS curve will shift upward.
d. The MC and AC curves of the innovative firm will shift downward.
20. Refer to Figure 8-4. Suppose some of the preexisting firms adopt the cost effective technology of the
innovator while non-adopters that are incurring losses shut down. The high cost sellers produce the
rest of the market output. What will happen to the equilibrium price level?
a. The price level will fall below P0 but remain positive.
b. The price level will remain at P0.
c. The price level will rise above P0.
d. The price level will fall to zero.
114
21. Refer to Figure 8-4. Which of the following can be concluded about the innovative firm which reduces
its marginal and average cost by using the new technology?
a. The equilibrium output produced by this firm will increase.
b. The equilibrium output produced by this firm will decrease.
c. This firm will offer its produce at a price below P0.
d. This firm will offer its produce at a price above P0.
ANS: A PTS: 1 DIF: Easy NAT: Reflective Thinking
22. In a market characterized by many sellers, assume that transaction costs for both buyers and sellers are
both costlessly cut to zero. What will happen to total economic value?
a. Economic value will remain unchanged because the decrease in consumer surplus will
offset the increase in producer surplus.
b. Economic value will remain unchanged because the decrease in producer surplus will
offset the increase in consumer surplus.
c. Economic value will certainly increase but its magnitude will depend on the initial
transaction costs of the market participants.
d. Economic value will certainly decrease but its magnitude will depend on the initial
transaction costs of the market participants.
23. In a market characterized by many sellers, if an outsider devises a way to reduce transaction costs it
will:
a. benefit both buyers and sellers.
b. cause both buyers and sellers to lose.
c. benefit the buyers but cause the sellers to lose.
d. benefit the sellers but cause the buyers to lose.
24. Under a _____, the assets of two firms that operate in the same market are put under a single
ownership.
a. vertical merger
b. horizontal merger
c. vertical acquisition
d. horizontal acquisition
25. If two small perfectly competitive firms merge, the merged firm will be:
a. a price-taker.
b. a market leader.
c. a price-discriminator.
d. an oligopoly.
The figure given below represents a perfectly competitive market in long-run equilibrium. LRS
represents the long-run supply curve of this market with demand (D) and price $50. When two large
firms merge, output declines to 400 units and per unit production cost drops to $30.
Figure 8-5
115
26. Refer to Figure 8-5. Which of the following regions in the figure represents the deadweight loss
resulting from the merger?
a. Area of triangle APR
b. Area of the square BCPQ
c. Area of the triangle BQR
d. Area of triangle ACB
ANS: D PTS: 1 DIF: Medium NAT: Analytic
27. Refer to Figure 8-5. Calculate the value of the deadweight loss resulting from the horizontal merger?
a. $800
b. $600
c. $400
d. $300
28. Refer to Figure 8-5. What is the net benefit of the merger?
a. $8,000
b. $2,400
c. $7,400
d. $600
29. Which of the following is considered per se illegal under the U.S. antitrust law?
a. An agreement to fix prices of commodities.
b. An agreement to maintain certain technical standards.
c. An agreement to operate only in specific regions.
d. An agreement to follow identical production technique.
30. Which of the following factors affect vertical integration of firms?

a. The demand for the final product in the market.
b. The market power of each firm in an industry.
c. The number of firms in an industry.
d. The transaction cost at each stage of production.
116
31. Which of the following is true about vertical mergers?
a. It improves coordination among the individual firms in an industry.
b. It is an agreement among firms to follow a common pricing policy.
c. It increases the competitiveness of the merged firms.
d. It increases the market power of the merged firms.
The figure given below represents a monopoly firm producing perfume with downward sloping
demand and marginal revenue (MR) curves. The products of this firm are sold in the competitive
market by a retailer. Among the horizontal lines in the figure:
A - represents the marginal cost of per unit perfume production
B - represents the marginal cost of an independent perfume retailer
C - represents the sum of A and B
D - represents the marginal cost of the perfume monopolist for retailing its own output
E - represents the sum of A and D.
Figure 8-6
32. Refer to Figure 8-6. What will be the profit maximizing output and price for the perfume monopolist if
it is producing and retailing its output?
c. Output = 2.3 units and price = $5.4
d. Output = 1.7 units and price = $5
33. Refer to Figure 8-6. What will be the profit-maximizing output and wholesale price of the perfume
monopolist if it produces the output and allows an individual retailer to market the product?
c. Output = 2.3 units and price = $5.4
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d. Output = 1.7 units and price = $5
ANS: B PTS: 1 DIF: Difficult NAT: Analytic
34. Refer to Figure 8-6. Determine the profit earned by the perfume monopolist if it chooses to retail its
products?
a. $3.2
b. $1.5
c. $3.5
d. $2.2
ANS: D PTS: 1 DIF: Difficult NAT: Analytic
35. Refer to Figure 8-6. Determine the profit earned by the perfume monopolist if it chooses to hire a
retailer for selling its product.
a. $2.7
b. $6.5
c. $5.5
d. $2.4
36. Which of the following contracts contain vertical restrictions that limit the transacting parties’ choices
but create economic value?
a. An agreement between firms to jointly invest in research and development.
b. A franchise contract specifying exclusive territory of operation.
c. A contract amongst competitive firms on an uniform pricing strategy.
d. A collusion between two oligopoly firms specifying individual production.
37. Which of the following industries can create barriers to the entry of new firms due to size and
specificity?
a. A hydroelectric power plant
b. A garment manufacturer exporting apparels
c. An owner of a retail chain
d. An automobile manufacturing company
ANS: A PTS: 1 DIF: Easy NAT: Reflective Thinking
38. Which of the following exemplifies an intangible durable strategy used by firms to prevent
competition?
a. Merging with its competitors
b. Using brand name or trademark as a reflection of product quality
c. Advertising
d. Investing in specific assets
39. Which of the following activities undertaken by a competitive firm can improve its public relations?
a. Investing in assets that cannot easily be redeployed to other uses or locations.
b. Donating a portion of its annual profit to hurricane affected families
c. Providing good quality products at a high price.
d. Investing in in-house research
118
ANS: B PTS: 1 DIF: Easy NAT: Reflective Thinking
40. A firm’s resource at a given point in time can be defined as:

a. those investments made by it in profitable organizations.
b. those tangible and intangible assets attached to it semipermanently.
c. its ability to control the market price.
d. its lobbying ability built over years of experience.
41. In order to be successful as an innovator, a firm may require:

a. constant investment in mergers and acquisitions.
b. frequent expansion of its scale of operation.
c. to invest the majority of its annual profit in market research.
d. research facilities and a culture that respects scientists and engineers.
42. Which of the following is an example of a durable strategy undertaken by firms to prevent
competition?
a. Purchasing the latest technology available in the market
b. A firm spending huge sums on advertisements.
c. Selecting a unique location for carrying out operation
d. Identifying a competent sales force
ANS: C PTS: 1 DIF: Medium NAT: Reflective Thinking
SHORT ANSWER
1. Why is reliable data on the formation and survival of startups difficult to obtain?
ANS:
Reliable data on the formation and survival of startups are hard to obtain, because many never obtain
licenses or pay taxes as incorporated entities.
PTS: 1 DIF: Easy NAT: Analytic
2. Why does the structure of a corporate business complicate the analysis of a strategy?
ANS:
A corporation’s executives and board of directors might make choices that are in their personal
interests rather than those of their shareholders, who would prefer decisions that maximize the values
of their stock. Managers whose firms produce substantial free cash flows may prefer to spend them on
questionable acquisitions that often fail to benefit shareholders. Such acquisitions, however, give
managers a larger firm to run, which generally means higher pay and more prestige in the community.
3. How is economic value created during transactions between buyers and sellers?
ANS:
119
Buyer and seller both benefit from exchanging some good if the seller gets more than his opportunity
cost (i.e., the value of the best forgone alternative), and the buyer pays less than her valuation
(maximum willingness to pay for it before going elsewhere). Sellers can improve economic value by
lowering the cost of production, improving the quality of the product, and reducing the transaction
costs.
4. In a market characterized by a single seller and many buyers, will a seller’s initiative to improve the
quality of its product at a higher cost of production be profitable?
ANS:
The success of the strategy will depend on the relationship between changes in the cost of production
and changes in the buyer’s valuation. If the increase in the cost of production is lower compared to the
increase in the buyer’s valuation, the strategy will be profitable. However, if the increase in the buyer’s
valuation of the improved good is lower than the increase in the cost of production then the strategy
will prove to be unprofitable.
PTS: 1 DIF: Medium NAT: Reflective
5. In a market characterized by a single seller and many buyers, when is it profitable to increase the value
of a product by incurring fixed costs?
ANS:
To see whether an investment in fixed cost (example a new plant) is worth undertaking, we must
balance the additional revenue attributable to this new plant over the future against its cost. To do so
requires calculation of the present values of future payment streams.
6. When can a seller’s investment in reducing transaction cost increase the price of the product to
customers but still leave them better off?
ANS:
When the seller tries to reduce transaction cost through informative advertising, the customer’s cost of
acquiring information reduces, thereby making them better off.
PTS: 1 DIF: Medium NAT: Analytic
7. On which two factors do the consequences of a merger depend?
ANS:
The consequences of a merger depends on market structure and on how the merger affects costs. If two
perfectly competitive firms merge, their successor (the merged firm) will still be a price-taker.
8. Explain the difference between the per se and "rule of reason” standards of the antitrust laws
ANS:
120
Antitrust laws treat agreements that could lessen competition using a "rule of reason" standard
intended to balance the possible competitive benefits it produces against the potential costs.
Agreements like "naked" price fixing are per se violations of antitrust law, automatically treated as
illegal if detected.
9. What are the benefits of a franchise contract?
ANS:
A franchise agreement specifies the obligations of the two parties in accordance with their individual
skills. For example, the parent organization can use its familiarity with the national market to design
and finance more effective advertising, and it can use bargaining power over large volumes to
negotiate low prices for supplies used in the outlets. On the other side a franchisee whose personal
income rises with his outlet’s might make more sales effort than a salaried employee of the parent. The
owner may also have better information about local opportunities than the parent. If both parties keep
the agreement their combined efforts will help them compete against other vertical chains in their
market.
10. Name some of the barriers to entry that can be created by a competitive firm to protect profits?
ANS:
The following are some ways in which firms can delay the entry of competitors and extend profits over
time:
a) Growing size and investment in specific assets.
b) Creating brand names and trademarks
c) Building healthy public relations
d) Influencing the government
ESSAY
1. In a market characterized by many sellers, explain graphically the impact of an economic change
which reduces transaction costs to zero for both the buyers as well as the sellers.
ANS:
In the market illustrated in Figure 1, buyers face transaction costs of $2 per unit and sellers face
transaction costs of $3 per unit. Demand D' is $2 below D, and D' shows the most buyers will pay for a
unit of the good net of their transaction costs. The supply curve inclusive of sellers’ transaction costs is
S', which is $3 above S. Equilibrium is at 75 units. Buyers spend $12 for each unit, $2 of which goes
for transaction cost, and $10 goes to whichever producer sold it. Further, $3 of any producer’s income
from selling a unit goes to transaction costs.
Figure 1
121
Now assume that something happens to (costlessly) reduce transaction costs to zero for everyone.
Equilibrium now occurs at $9, with 110 units traded. What happens to market participants depends on
their original transaction costs and the slopes of market supply and demand. Here, buyers whose
transaction costs were formerly $2 now spend $3 less on each unit, and sellers whose transaction costs
were $3 receive $2 more than before.
An outsider who devises a way to cut transaction costs will produce benefits for buyers and sellers. In
Figure 2, we assume that sellers have no transaction costs, while any buyer pays the market price of
the good plus $18 in travel costs.
Figure 2
122
If transaction costs were zero, demand would be D1, which intersects the supply curve S at $19 and 31
units. With transaction costs of $18 per unit, the net demand facing sellers is D2, which is $18 below
D1. The market clears at 19 units, and sellers receive $13 for each. Now an outsider tells buyers that
for $8 per unit she will go to market for them and eliminate their former $18 transaction costs. Sellers
now perceive demand curve D3, $8 below D1 and $10 above D2. Sellers get $16.33 for each of the
25.67 units transacted. Both sides of the market benefit from lower transaction costs.
2. Explain the functioning and significance of vertical agreements. Use specific examples from the
apparel and textile markets.
ANS:
Two firms in different stages of a vertical chain might reach an agreement that makes them a better
competitor when they act as a team. An agreement will be preferable to a merger if a single
management cannot monitor both stages as well as separate managements can. It is also possible that
success requires motivating workers at one stage (e.g., retailing) to make sales efforts if the other stage
(e.g., manufacturing) is to successfully compete. Independent retail store managers searching for profit
might have better incentives than salaried employees of an integrated firm.
123
In case of vertical agreements in apparel and textiles, retail sellers of wearing apparel face buyers with
unpredictable desires for some styles but not others. There are high carrying costs for items that sell
slowly and high costs of lost revenue and goodwill if the sellers run out of desirable items. Before
information technology (IT) became cheap, retailers sent manufacturers paper orders with long lead
times. Slow communication made it hard for stores to replenish inventories and hard for manufacturers
to change output as fashions evolved. New technologies and new vertical agreements now allow
manufacturers to reduce their textile inventories and retailers to keep smaller inventories on hand,
while both respond more quickly to changing fashion. With these changes have come the manufacture
and marketing of a larger variety of styles.
The agreements allow manufacturers and retailers to share the costs of IT investments that benefit
them both and to coordinate their operation of the new systems to get accurate and timely information.
The most basic of these are bar-code systems for garments and shipping containers. Cost-sharing
agreements on point-of-sale (POS) scanners allow retailers to better plan their orders and
manufacturers to better plan their production. A manufacturer can better schedule production and
anticipate styles if it has POS data from all the retailers it supplies. The agreements between retailers
and manufacturers also improve coordination with textile makers, who have their own inventory and
leadtime problems. Textile makers in their turn can make more timely arrangements with producers of
threads and dyes. Others who benefit from these agreements include sewing facilities that assemble
garments and suppliers of specialties like zippers and buttons. The various businesses in the chain are
so different that operating under these agreements appears preferable to full vertical integration.
Integration is certainly possible, but integrated firms are rare in this industry.
3. How do firms benefit by maintaining public relations and influencing the government? Explain with
examples.
ANS:
Public recognition and approval of a firm’s practices can also be a competitive tool. This can be better
explained with the help of the following examples. In the year 2005, two hurricanes destroyed much of
the New Orleans and Beaumont–Port Arthur areas. While the relief efforts of local and national
governments faltered, companies like Wal-Mart, Home Depot, and Lowe’s had stockpiled and shipped
necessities to the area before the storms hit, and the firms bypassed profits by keeping prices at pre-
disaster levels.Forgone revenue raised the value of their names as favorable media coverage gave
customers reason to maintain their loyalty after the disasters. Such actions can be both competitive and
charitable.
Similarly, energy and auto producers advertise their environmental concerns. Campaigns for Toyota’s
and Honda’s hybrid cars stress their ecological impact rather than their performance. This strategy
might better maintain their first-mover advantages (if any) as U.S.-based manufacturers introduce
similar vehicles. Altria, the maker of Marlboro cigarettes, risks large losses in cancer-related lawsuits.
Its Web site provides links to help people quit smoking and documents its efforts to prevent young
people from starting.
124
Government can also help a business to advantage itself or disadvantage competitors. A business
seeking favors from the government is exercising its constitutional rights, which need not entail
corruption. Among possible strategies, a firm might seek legislation that makes competition illegal, as
cable TV operators have done in many cities. Government can also make competition costly for
foreigners by imposing quotas or tariffs in return for support from the domestic industry. More subtly,
a firm can favor laws that raise its costs but raise competitors’ costs by more. Health, safety, and
environmental laws can require the installation of equipment that raises the average costs of large
producers by less than small ones. Railroads losing business to truckers, for example, have sought
safety laws that require shorter work shifts for truck drivers, and owners of mechanized mines have
supported legislation that would harm labor-intensive competitors by requiring union-scale wages in
all mines. Other portals can provide strategic access to government. Regulatory agencies like state
public utility commissions and the Federal Communications Commission (FCC) set rates that
telecommunications providers can charge, and they sometimes have powers to exclude competitors
from markets.
125
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MP25007.
8Apr73; MP25007.
MP25008.
28Dec73; MP25008.
MP25009.
MP25009.
MP25010.
4Nov73; MP25010.
MP25011.
14May73; MP25011.
MP25012.
MP25012.
MP25013.
Controlling absenteeism. 32 min., sd., color, 16 mm. (The
Gellerman effective supervision film series) © BNA
Communications, Inc.; 14Mar74; MP25013.
MP25014.
Life in a drop of water. A Coronet film. 10 min., sd., color, 16 mm.
Prev. pub. 7Jul47, M2571. NM: some film footage & narration. ©
Coronet Instructional Media, a division of Esquire, Inc.; 11Aug73;
MP25014.
MP25015.
Fun with speech sounds. 2nd. ed. 15 min., sd., color, 16 mm. ©
Coronet Instructional Media, a division of Esquire, Inc.; 31May73;
MP25015.
MP25016.
Maps show our earth. A Coronet film. 10 min., sd., color, 16 mm.
© Coronet Instructional Materials, a division of Esquire, Inc.;
6Jul73; MP25016.
MP25017.
Workers depend on each other. A Coronet film. 11 min., sd., color,
16 mm. © Coronet Instructional Media, a division of Esquire, Inc.;
28Jun73; MP25017.
MP25018.
V S A M concepts and access method services usage. IBM
Corporation. 70 min., b&w, videotape. (IBM independent study
program) © International Business Machines Corporation, accepted
alternative designation: IBM Corporation; 14Jan74 (in notice: 1973);
MP25018.
MP25019.
A L C coding techniques for virtual storage. IBM Corporation. 28
min., b&w, videotape. (IBM independent study program) ©
International Business Machines Corporation, accepted alternative
designation: IBM Corporation; 14Jan74 (in notice: 1973); MP25019.
MP25020.
Louie gets his licks. Instructional Material Systems. 13 min., sd.,
color, 16 mm. © IMS a. a. d. o. Instructional Material Systems;
9Aug73; MP25020.
MP25021.
Compact truck features and comparison. 17 min., sd., color, Super
8 mm. Appl. au.: Ross Roy, Inc. © Chrysler Corporation; 2Jan74 (in
notice: 1973); MP25021.
MP25022.
Chrysler Newport versus Buick LeSabre and Olds 88. 18 min., sd.,
color, Super 8 mm. Appl. au.: Ross Roy, Inc. © Chrysler
Corporation; 17Jan74 (in notice: 1973); MP25022.
MP25023.
1974 cleaner air system. 18 min., sd., color, Super 8 mm. Appl. au.:
Ross Roy, Inc. © Chrysler Corporation; 18Dec73; MP25023.
MP25024.
Sell from strength. 18 min., sd., color, Super 8 mm. Appl. au.: Ross
Roy, Inc. © Chrysler Corporation; 19Dec73; MP25024.
MP25025.
“Two hats,” the 1974 Dodge pickup. 18 min., sd., color, Super 8
mm. Appl. au.: Ross Roy, Inc. © Chrysler Corporation; 19Dec73;
MP25025.
MP25026.
Satellite Chevelle and Torino comparison. 18 min., sd., color,
Super 8 mm. Appl. au.: Ross Roy, Inc. © Chrysler Corporation;
3Dec73; MP25026.
MP25027.
Monaco, Impala, Galaxie 500 comparison. 18 min., sd., color,
19Dec73; MP25027.
MP25028.
Monaco and Fury versus Impala and Galaxie. 18 min., sd., color,
19Dec73; MP25028.
MP25029.
Dart / Nova / Maverick comparison. 18 min., sd., color, Super 8
mm. Appl. au.: Ross Roy, Inc. © Chrysler Corporation; 3Dec73;
MP25029.
MP25030.
1974 Chrysler and Plymouth station wagons. 9 min., sd., color,
19Dec73; MP25030.
MP25031.
1974 Dodge station wagons. 9 min., sd., color, Super 8 mm. Appl.
au.: Ross Roy, Inc. © Chrysler Corporation; 19Dec73; MP25031.
MP25032.
Satellite and Charger / Coronet versus Chevelle and Torino. 18
min., sd., color, Super 8 mm. Appl. au.: Ross Roy, Inc. © Chrysler
Corporation; 12Dec73; MP25032.
MP25033.
Charger / Coronet / Chevelle and Torino comparison. 18 min., sd.,
MP25034.
Fury / Impala / Galaxie 500 comparison. 18 min., sd., color, Super
8 mm. Appl. au.: Ross Roy, Inc. © Chrysler Corporation; 3Dec73;
MP25034.
MP25035.
Dart and Duster comparison with Nova and Maverick. 18 min., sd.,
MP25036.
Duster / Valiant / Nova / Maverick comparison. 18 min., sd., color,
3Dec73; MP25036.
MP25037.
VD attack plan. Walt Disney Productions. 16 min., sd., color, 16
mm. © Walt Disney Productions; 27Feb73 (in notice: 1972);
MP25037.
MP25038.
I’m no fool with electricity. Walt Disney Productions. 8 min., sd.,
color, 16 mm. © Walt Disney Productions; 26Oct73; MP25038.
MP25039.
Geothermal power. 15 min., sd., color, 16 mm. Appl. au.: Howard
J. Lindenmeyer. © Howlin Cinema Productions; 1Feb74; MP25039.
MP25040.
Kiel Olympiad. Offshore Productions. Produced in cooperation
with the United States International Sailing Association, Yacht
Racing Magazine & Yachting Magazine. 56 min., sd., color, 16 mm.
Appl. au.: Dick Enersen & Laszlo Pal. © Enersen/Pal Enterprises;
22Feb73; MP25040.
MP25041.
April showers. 30 sec., sd., color, 16 mm. Appl. au.: William Esty
Company, Inc. © Colgate Palmolive Company; 7Oct73; MP25041.
MP25042.
Deep water rescue breathing. A Pierce production. 10 min., sd.,
color, 16 mm. Appl. au.: Albert L. Pierce. © Albert L. Pierce;
19Sep73; MP25042.
MP25043.
Teacher self appraisal observation system: a technique for
improving instruction. Educational Innovators Press. 17 min., sd.,
b&w, videotape (1/2 inch) (Teacher self appraisal, packet V1) Add.
ti.: Observation system—improving instruction. © Educational
Innovators Press, a division of Multimedia Associates, Inc.;
15May73; MP25043.
MP25044.
Coding classroom introduction situations utilizing the teacher self
appraisal observation system. Educational Innovators Press. 22 min.,
sd., b&w, videotape (1/2 inch) (Teacher self appraisal, packet V2) ©
Educational Innovators Press, a division of Multimedia Associates,
Inc.; 15May73; MP25044.
MP25045.
Coding classroom discussion situations utilizing the teacher self
appraisal observation system. Educational Innovators Press. 20
min., sd., b&w, videotape (1/2 inch) (Teacher self appraisal, packet
V3) © Educational Innovators Press, a division of Multimedia
Associates, Inc.; 15May73; MP25045.
MP25046.
Coding classroom review situations utilizing the teacher self
appraisal observation system. Educational Innovators Press. 18 min.,
sd., b&w, videotape (1/2 inch) (Teacher self appraisal, packet V4) ©
Inc.; 15May73; MP25046.
MP25047.
Coding classroom activities situations utilizing the teacher self
appraisal observation system. Educational Innovators Press. 20
min., sd., b&w, videotape (1/2 inch) (Teacher self appraisal, packet
V5) © Educational Innovators Press, a division of Multimedia
Associates, Inc.; 15May73; MP25047.
MP25048.
Establishing observer reliability with the teacher self appraisal
observation system. Educational Innovators Press. 28 min., sd., b&w,
videotape (1/2 inch) (Teacher self appraisal, packet V6) ©
Inc.; 15May73; MP25048.
MP25049.
Now your injector. GSRX3053. 30 sec., sd., color, 16 mm. Appl.
au.: J. Walter Thompson Company. © Gillette a. a. d. o. the Gillette
Company; 18Oct73; MP25049.
MP25050.
Best shave ahead. GSRX3013. 30 sec., sd., color, 16 mm. Appl. au.:
J. Walter Thompson Company. © Gillette a. a. d. o. the Gillette
Company; 18Oct73; MP25050.
MP25051.
The Fundamental theorem. 4 min., si., color, Super 8 mm.
(Calculus in motion) Appl. au.: Bruce Cornwell & Katherine
Cornwell, with editorial assistance by Duane W. Bailey. © Houghton
Mifflin Company; 4May73; MP25051.
MP25052.
Derivatives. 4 min., si., color, Super 8 mm. (Calculus in motion)
Appl. au.: Bruce Cornwell & Katherine Cornwell, with editorial
assistance by Duane W. Bailey. © Houghton Mifflin Company;
27Jun73; MP25052.
MP25053.
Taylor polynomials. 4 min., si., color, Super 8 mm. (Calculus in
motion) Appl. au.: Bruce Cornwell & Katherine Cornwell, with
editorial assistance by Duane W. Bailey. © Houghton Mifflin
Company; 31Jul73; MP25053.
MP25054.
Concavity and points of inflection. 4 min., si., color, Super 8 mm.
(Calculus in motion) Appl. au.: Bruce Cornwell & Katherine
Cornwell, with editorial assistance by Duane W. Bailey. © Houghton
Mifflin Company; 31Jul73; MP25054.
MP25055.
Rolle’s theorem and the mean value theorem. 4 min., si., color,
Super 8 mm. (Calculus in motion) Appl. au.: Bruce Cornwell &
Katherine Cornwell, with editorial assistance by Duane W. Bailey. ©
Houghton Mifflin Company; 6Jul73; MP25055.
MP25056.
Limits. 4 min., si., color, Super 8 mm. (Calculus in motion) Appl.
au.: Bruce Cornwell & Katherine Cornwell, with editorial assistance
by Duane W. Bailey. © Houghton Mifflin Company; 27Jun73;
MP25056.
MP25057.
The Definite integral. 4 min., si., color, Super 8 mm. (Calculus in
motion) Appl. au.: Bruce Cornwell & Katherine Cornwell, with
editorial assistance by Duane W. Bailey. © Houghton Mifflin
Company; 4May73; MP25057.
MP25058.
The Wordworks 1. Houghton Mifflin Company. 11 min., sd., color,
16 mm. © Houghton Mifflin Company; 31Dec73; MP25058.
MP25059.
MP25060.
MP25061.
MP25062.
Choice not chance — career development in New Jersey. A film by
Videgraphe. 26 min., sd., color, 16 mm. Appl. au.: Robert J. Phillips.
© Videgraphe Corporation; 12Dec73; MP25062.
MP25063.
Bicycle safely. 12 min., sd., color, 16 mm. © Fiesta Films; 28Feb74;
MP25063.
MP25064.
Poetry for fun — dares and dreams. A Centron production. 13 min.,
sd., color, 16 mm. © Centron Corporation, Inc.; 13Mar74; MP25064.
MP25065.
Gettysburg — 1863. A Whitefield production. 19 min., sd., color, 16
mm. © Centron Corporation, Inc.; 13Mar74; MP25065.
MP25066.
Laudate. 6 min., sd., b&w, 16 mm. Based on Igor Stravinsky’s
Symphony of psalms. Appl. au.: Nicholas Frangakis. © Nicholas
Frangakis; 1Mar74 (in notice: 1973); MP25066.
MP25067.
Repairs to air conditioning condensers. 27 min., sd., color, 16 mm.
© Motors Insurance Corporation; 28Feb74 (in notice: 1973);
MP25067.
MP25068.
It’s your move, sergeant. Woroner Films. 24 min., sd., color, 16
mm. (Decisions) © Woroner Films, Inc.; 10Jan74 (in notice: 1973);
MP25068.
MP25069.
The Language of medicine. Introd. 12 min., sd., color, videotape
(3/4 inch) in cassette. Appl. au.: Wallace J. Vnuk. © Walfran
Research and Educational Fund; 14Dec73; MP25069.
MP25070.
The Language of medicine. Lesson no. 1. 10 min., sd., color,
videotape (3/4 inch) in cassette. Appl. au.: Wallace J. Vnuk. ©
Walfran Research and Educational Fund; 14Dec73; MP25070.
MP25071.
MP25072.
MP25073.
MP25074.
MP25075.
MP25076.
Feelings. United Methodist Communications. 29 min., videotape
(3/4 inch) in cassette. (Learning to live) © Trafco, Inc.; 15Jan74 (in
notice: 1973); MP25076.
MP25077.
Ego states. United Methodist Communications. 29 min., videotape
notice: 1973); MP25077.
MP25078.
Games. United Methodist Communications. 29 min., videotape
notice: 1973); MP25078.
MP25079.
Time structures. United Methodist Communications. 29 min.,
videotape (3/4 inch) in cassette. (Learning to live) © Trafco, Inc.;
15Jan74 (in notice: 1973); MP25079.
MP25080.
Scripts “B.” United Methodist Communications. 29 min.,
15Jan74 (in notice: 1973); MP25080.
MP25081.
Scripts “A.” United Methodist Communications. 29 min.,
15Jan74 (in notice: 1973); MP25081.
MP25082.
Strokes. United Methodist Communications. 29 min., videotape
notice: 1973); MP25082.
MP25083.
Transactions. United Methodist Communications. 29 min.,
15Jan74 (in notice: 1973); MP25083.
MP25084.
A Conversation with President Tito. A production of CBS News. 30
min., sd., color, 16 mm. (CBS News special report) © Columbia
Broadcasting System, Inc.; 25Oct71; MP25084.
MP25085.
Search for the Goddess of Love. CBS News. Produced in
association with the Smithsonian Institution. 60 min., sd., color, 16
mm. (Smithsonian adventure) © Columbia Broadcasting System,
Inc.; 13Jun71; MP25085.
MP25086.
The Court and a free press. A production of CBS News. 60 min.,
sd., b&w, 16 mm. (CBS News special report) © Columbia
Broadcasting System, Inc.; 1Jul71; MP25086.
MP25087.
Louis Armstrong: 1900–1971. A production of CBS News. 60 min.,
sd., color, 16 mm. (CBS News special) © Columbia Broadcasting
System, Inc.; 9Jul71; MP25087.
MP25088.
The Year 1200. A production of CBS News. 60 min., sd., b&w, 16
mm. (CBS News special) © Columbia Broadcasting System, Inc.;
9Aug71 (in notice: 1970); MP25088.
MP25089.
The Chappaquiddick report. A production of CBS News. 30 min.,
sd., b&w, 16 mm. (CBS News special) © Columbia Broadcasting
System, Inc.; 29Apr70; MP25089.
MP25090.
Where we stand in Cambodia. A production of CBS News. 60 min.,
sd., b&w, 16 mm. (CBS News special) © Columbia Broadcasting
System, Inc.; 3May70; MP25090.
MP25091.
The Catholic dilemma. A production of CBS News. 60 min., sd.,
b&w, 16 mm. (CBS News special) © Columbia Broadcasting System,
Inc.; 5Oct70; MP25091.
MP25092.
The Court martial of William Calley. A production of CBS News.
30 min., sd., b&w, 16 mm. (CBS News special report) © Columbia
Broadcasting System, Inc.; 29Mar71; MP25092.
MP25093.
The Economy: a new way to go. A production of CBS News. 60
min., sd., b&w, 16 mm. (CBS News special report) © Columbia
Broadcasting System, Inc.; 15Aug71; MP25093.
MP25094.
Reston on China: a conversation with Eric Sevareid. A production
of CBS News. 60 min., sd., b&w, 16 mm. (CBS News special report)
© Columbia Broadcasting System., Inc.; 30Aug71; MP25094.
MP25095.
The World of Charlie Company. A production of CBS News. 60
min., sd., b&w, 16 mm. (CBS News special report) © Columbia
MP25096.
Voices from the Russian underground. A production of CBS News.
60 min., sd., b&w, 16 mm. (CBS News special report) © Columbia
MP25097.
Blue Christmas? An inquiry into the state of the economy. A
production of CBS News. 60 min., sd., b&w, 16 mm. (CBS News
special report) © Columbia Broadcasting System, Inc.; 1Dec70;
MP25097.
MP25098.
Is mercury a menace? A production of CBS News. 30 min., sd.,
Inc.; 11Jan71; MP25098.
MP25099.
Southern exposures. A production of CBS News. 30 min., sd., b&w,
16 mm. (CBS News special) © Columbia Broadcasting System, Inc.;
3May71; MP25099.
MP25100.
On the road with Charles Kuralt. A production of CBS News. 60
min., sd., b&w, 16 mm. (CBS News special) © Columbia
Broadcasting System, Inc.; 6Sep71; MP25100.
MP25101.
Sixty minutes. Vol. 3, no. 12. A production of CBS News. 60 min.,
sd., b&w, 16 mm. © Columbia Broadcasting System, Inc.; 2Mar71;
MP25101.
MP25102.
sd., b&w, 16 mm. © Columbia Broadcasting System, Inc.; 25Nov71;
MP25102.
MP25103.
sd., b&w, 16 mm. © Columbia Broadcasting System, Inc.; 28Nov71;
MP25103.
MP25104.
Kids! 53 things to know about health, sex and growing up. A
special) © Columbia Broadcasting System, Inc.; 26Jan71; MP25104.
MP25105.
New voices in the South. A production of CBS News. 30 min., sd.,
Inc.; 8Mar71; MP25105.
MP25106.
Reischauer on Asia. A production of CBS News. 30 min., sd., b&w,
16 mm. (CBS News special) © Columbia Broadcasting System, Inc.;
6Jul71; MP25106.
MP25107.
The Correspondents report. Pt. 2: America and the world. A
special) © Columbia Broadcasting System, Inc.; 30Dec71; MP25107.
MP25108.
Pandora’s box. Perspective Films. 8 min., sd., color, 16 mm. ©
Perspective Films, a division of Esquire, Inc.; 22Jan74; MP25108.
MP25109.
Kyoto: exploring with Larry. A Coronet film. 10 min., sd., color, 16
mm. © Coronet Instructional Media, a division of Esquire, Inc.;
14Jan74; MP25109.
MP25110.
Hong Kong: wandering with Rick. A Coronet film. 10 min., sd.,
color, 16 mm. © Coronet Instructional Media, a division of Esquire,
Inc.; 15Jan74; MP25110.
MP25111.
Ball game. A film by Evelyn Marienberg. 1 min., sd., color, 16 mm.
© Evelyn Marienberg; 15Mar74; MP25111.
MP25112.
To a babysitter. An Alfred Higgins production. 2nd ed. 17 min., sd.,
color, 16 mm. © Alfred Higgins Productions, Inc.; 14Mar74;
MP25112.
MP25113.
Elementary natural science — songbirds. Centron Educational
Films. Produced in collaboration with Centron Corporation. 13 min.,
sd., color, 16 mm. © Centron Corporation, Inc.; 15Mar74; MP25113.
MP25114.
Tornado. 6 min., si., color, Super 8 mm. Appl. au.: Donald D.
Patterson. Prev. reg. 17Dec73, MU8857. © Donald D. Patterson;
20Dec73; MP25114.
MP25115.
Feeding. Sutherland Learning Associates. 10 min., sd., color, Super
8 mm. (Rocom Parentaid film system, parent counseling child care)
Prev. pub. 29Oct70. NM: editorial revision. © Hoffmann LaRoche,
Inc.; 29Jun73; MP25115.
MP25116.
Growth and development, toilet training. Sutherland Learning
Associates. 9 min., sd., color, Super 8 mm. (Rocom Parentaid film
system, parent counseling child care) Prev. pub. 29Oct70. NM:
editorial revision. © Hoffmann LaRoche, Inc.; 29Jun73; MP25116.
MP25117.
Troubles in the digestive tract. Sutherland Learning Associates. 10
min., sd., color, Super 8 mm. (Rocom Parentaid film system, parent
counseling child care) Prev. pub. 29Oct70. NM: editorial revision. ©
Hoffmann LaRoche, Inc.; 29Jun73; MP25117.
MP25118.
Respiratory problems. Sutherland Learning Associates. 9 min., sd.,
color, Super 8 mm. (Rocom Parentaid film system, parent counseling
child care) Prev. pub. 29Oct70. NM: editorial revision. © Hoffmann
LaRoche, Inc.; 29Jun73; MP25118.
MP25119.
Medication and treatment, your child’s eyes. Sutherland Learning
Associates. 8 min., sd., color, Super 8 mm. (Rocom Parentaid film
system, parent counseling child care) Prev. pub. 29Oct70. NM:
editorial revision. © Hoffmann LaRoche, Inc.; 29Jun73; MP25119.
MP25120.
Temperature. Sutherland Learning Associates. 5 min., sd., color,
Super 8 mm. (Rocom Parentaid film system, parent counseling child
care) Prev. pub. 29Oct70. NM: editorial revision. © Hoffmann
MP25121.
Allergy. Sutherland Learning Associates. 8 min., sd., color, Super 8
mm. (Rocom Parentaid film system, parent counseling child care)
Prev. pub. 29Oct70. NM: editorial revision. © Hoffmann LaRoche,
Inc.; 29Jun73; MP25121.
MP25122.
Accident prevention. Sutherland Learning Associates. 10 min., sd.,
color, Super 8 mm. (Rocom Parentaid film system, parent counseling
child care) Prev. pub. 29Oct70, MP22907. NM: editorial revision. ©
Hoffmann LaRoche, Inc.; 29Jun73; MP25122.
MP25123.
The Fussy baby. Sutherland Learning Associates. 8 min., sd., color,
MP25124.
Immunizations. Sutherland Learning Associates. 6 min., sd., color,

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Transactions and Strategies 1st Edition

Michaels Test Bank

ANS: T PTS: 1 DIF: Easy NAT: Analytic

ANS: F PTS: 1 DIF: Easy NAT: Analytic

ANS: F PTS: 1 DIF: Medium NAT: Analytic

ANS: T PTS: 1 DIF: Easy NAT: Analytic

ANS: F PTS: 1 DIF: Easy NAT: Analytic

ANS: F PTS: 1 DIF: Medium NAT: Reflective Thinking

ANS: T PTS: 1 DIF: Medium NAT: Analytic

ANS: F PTS: 1 DIF: Medium NAT: Analytic

ANS: T PTS: 1 DIF: Easy NAT: Reflective Thinking

ANS: F PTS: 1 DIF: Medium NAT: Reflective Thinking

ANS: F PTS: 1 DIF: Medium NAT: Reflective Thinking

ANS: T PTS: 1 DIF: Easy NAT: Analytic

ANS: F PTS: 1 DIF: Easy NAT: Reflective Thinking

ANS: T PTS: 1 DIF: Easy NAT: Analytic

1. Food retailers usually do not compete on which of the following factors?

2. Which of the following facts about competitive ideas is true?

3. Temporary discounts offered to customers by competitive retailers usually reflect:

5. Which of the following is a reason behind Wal-Mart’s success?

30. Which of the following factors affect vertical integration of firms?

40. A firm’s resource at a given point in time can be defined as:

41. In order to be successful as an innovator, a firm may require:

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Medium NAT: Reflective

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Medium NAT: Analytic

7. On which two factors do the consequences of a merger depend?

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Medium NAT: Analytic

9. What are the benefits of a franchise contract?

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Medium NAT: Analytic

PTS: 1 DIF: Easy NAT: Analytic

PTS: 1 DIF: Easy NAT: Analytic

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