Which of the following is a characteristic of contracts?
A) They are based on commitments for an indefinite, often unlimited, time.
B) They focus on carrying out specific activities for specific responses.
C) They extend to responsibilities above and beyond the initial agreement.
D) They do not involve the payment of money in exchange for services.
E) They are bonds based on unlimited promises, pledges, and commitments.
B
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Which of the following is an outcome of small businesses focusing on narrow market niches or product needs?
A) It helps firms develop enviable reputations for quality and service. B) It results in greater competition from larger firms. C) It reduces the uniqueness of a product or service sold by small businesses. D) It reduces the need for managerial experience and skills. E) It reduces their ability to adapt to changing market demands.
Describe the three different types of wholesalers
What will be an ideal response?