Anon Corporation Is a Manufacturer of Widgets

question 56

Short Answer

Anon Corporation is a manufacturer of Widgets. Faced with increasing input material costs, the company is contemplating a price increase in the range of 15-20 percent. There are significant disagreements among senior personnel in the company about this move.
Assuming other factors remain constant, Anon would have the most power to raise prices if Widgets were which of the following?
life-saving drugs
automobiles
beverages
toys
jewelry

---

Definitions:

Promissory Estoppel

Promissory estoppel is a legal principle that allows a party to recover on a promise made without a formal contract, provided they have relied on that promise to their detriment.

Implied Contract

An agreement created by actions of the parties involved, not written or spoken, but inferred from their conduct.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States to standardize and simplify interstate commerce.

Innocent Consumer

A consumer who purchases or uses products or services without awareness of any wrongdoing or defects associated with them.