Mastercraft boat made boats and often used instrument panels manufactured and assembled by ace industries. typically, ace would order electrical instruments and other parts and assemble them to mastercraft’s specifications. mastercraft decided to work with a different assembler, m & g electronics, so it terminated its relationship with ace and requested that ace deliver the remaining parts to m & g, which ace did. mastercraft then refused to pay for these parts, claiming that they were nonconforming. is ace entitled to payment from mastercraft for the parts?

How will firms solve the problem of an economic surplus a. decrease prices to the market equilibrium price b. decrease prices so they are below the market equilibrium price c. increase prices

Gwen, a manager at exude apparels inc., received a message from a customer requesting a replacement for a purchased pair of shoes. exude apparels has a clearly stated no-return policy. gwen responded to the customer denying the request in a tactful and clear manner. despite this, the customer submitted a second request. in this scenario, which of the following is an appropriate response to the second request?

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.