At World Spice Market, Inc., the department manager uses a hand-held scanner to determine the quantity of each spice the store has on its shelves, how many jars of each spice was sold the past week and the past month, and exactly when the next shipment of these spices is expected to arrive.
World Spice Market embraces the strategy of:

A. staying ahead of the competition by routinely secret shopping the competition's shelves.
B. using technology to stay responsive to customer needs.
C. maintaining a low inventory turnover because it will keep costs down.
D. changing the store's demographics.

Which statement describes a monopoly? many firms produce identical products with no control over the market price. many firms produce differentiated products with control over market price. a single firm produces a product with no close substitutes and control over the market price. a single firm produces a product with many close substitutes and limited control over the market price.

Alandowner entered into a written agreement with a real estate broker whereby the broker would receive a commission of 10% of the sale price if he procured a "ready, willing, and able buyer" for the landowner's property and if the sale actually proceeded through closing. the broker found a buyer who agreed in writing to buy the property from the landowner for $100,000, the landowner's asking price. the buyer put up $6,000 as a down payment. the agreement between the landowner and the buyer contained a liquidated damages clause providing that, if the buyer defaulted by failing to tender the balance due of $94,000 at the closing date, damages would be 10% of the purchase price. the landowner included that clause because she was counting on using the proceeds of the sale for a business venture that would likely net her at least $10,000. the buyer became seriously ill and defaulted. when he recovered, he demanded that the landowner return his $6,000, and the landowner refused. the broker also demanded the $6,000 from the landowner and was refused. the broker and the buyer filed separate suits against the landowner, with the buyer pleading impossibility of performance. the two cases are consolidated into a single case. how should the court rule as to the disposition of the $6,000?

If consumers start to believe they need a product, what is likely to happen? a. the demand becomes less elastic. b. the demand becomes more elastic. c. the supply decreases. d. the price decreases.