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Eugene Gates, Marketing Director of Mansfield Motors Manufacturers, Inc If Eugene Concludes That the Average Rate of "Ease of Division

question 1

Multiple Choice

Eugene Gates, Marketing Director of Mansfield Motors Manufacturers, Inc.'s Electrical Division, is leading a study to assess the relative importance of product features.An item on a survey questionnaire distributed to 100 of Mansfield's customers asked them to rate the importance of "ease of maintenance" on a scale of 1 to 10 (with 1 meaning "not important" and 10 meaning "highly important") .His staff assembled the following statistics. $\begin{array} { | l | l l | } \hline & \text { Ea5e of Maintenance } \\\hline \text { Mean } & & 7.5 \\\hline \text { Standard Deviation } && 1.5 \\\hline\end{array}$ If Eugene concludes that the average rate of "ease of maintenance" for all customers is 7.5, he is using ________.

Understand the principles of offer, acceptance, and the formation of bilateral and unilateral contracts.

Identify the requirements for valid acceptance and the effects of various acceptance methods.

Comprehend the factors affecting the enforceability of agreements not in writing.

Analyze the role and characteristics of formal contracts such as contracts under seal and letters of credit.

Definitions:

Sherman Antitrust Act

A landmark federal statute in the United States passed in 1890 which prohibits certain business activities that federal government regulators deem to be anti-competitive.

Restraints of Trade

Legal or economic restrictions placed on the free exchange or movement of goods, services, or labor, often to maintain fair competition or prevent monopolistic practices.

Sherman Antitrust Act

A landmark federal statute in the U.S. passed in 1890 that prohibits monopolistic business practices and promotes competition in the marketplace.

Sherman Antitrust Act

A landmark U.S. law enacted in 1890 to counteract or reduce monopolies and maintain competition among businesses.