If Milt Alden focuses on overall costs of manufacturing plus profit in setting product prices, which strategy would he employ?

Suppose you wish to analyze the change in the equilibrium price of lumber as a result of forest fires in the West. What would your first step be?

a. to decide whether the fires shift demand or supply b. to identify the new equilibrium point c. to decide whether the fires affect the price d. to decide whether the fires affect the quantity demanded

The exclusive right-to-sell contract must have

a. signatures of both the buyer and seller b. a term of at least 90 days c. a beginning and ending date d. the seller's minimum acceptable price