1. The owner of a small business felt an obligation to pay $15,000 to a subcontractor, even though,
because of an oversight, the subcontractor had never submitted a bill. Can willingness to pay
under these circumstances be reconciled with the profit goal of a business in a free enterprise
system?

Yes, it can be asserted that willingness to pay under these circumstances can be reconciled with the profit goal of a business in a free enterprise system.

Explanation:

There are three possible implications of the oversight of the subcontractor to submit a bill as follows:

1. The subcontractor may not have forgotten to submit the bill but the small business owner pays $15,000: Under this, the fact that the subcontractor has not submitted the bill does mean he has actually forgotten the legal obligation of the small business to pay. If the small company does try to fall through, it can raise suspicions the small business.

2. The subcontractor may truly have forgotten to submit the bill and the small business owner pays $15,000: Under this case, a feeling of an obligation to pay $15,000 will create a great and positive impression on the part of the subcontractor about the small business owner. This will subsequently result in a further favourable business interactions between the small business owner and the subcontractor.

3. The subcontractor may truly have forgotten to submit the bill and does pay any amount: Under this case, the subcontractor will have a wrong impression about the small business owner when the subcontractor eventually remembers he is yet to submit the bill. The attendant negative results will be loss of integrity, loss of more future business opportunities, and among others.

Conclusion

From the explanation above, it can therefore be asserted that willingness to pay under these circumstances can be reconciled with the profit goal of a business in a free enterprise system. This is because by doing the right thing, more positive impression will be created over time.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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