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Digital Cookware has developed a new kind of skillet that should make cooking easier for many non-chefs.The skillet has a display on its handle that beeps to alert the cook when the pan's target temperature is reached.The skillet with the aid of an accompanying cookbook will take much of the guesswork out of cooking.Digital Cookware is a small company,and it has invested considerable money in developing this new technology,which it eventually hopes to use in an entire line of pots and pans.It has run some small ads for the new skillet in cooking magazines and been featured on some morning talk shows.It needs a quick infusion of cash to maintain its current operational level and to develop the rest of the cookware line.Digital Cookware is considering some kind of sales promotion.
-Refer to Digital Cookware.If Digital Cookware offered the sales associates at a chain of cooking stores a bonus for each digital skillet they sold,it would be an example of:
Market Mechanism
The process by which supply and demand interact to determine the prices and quantities of goods and services in a market economy.
Allocate Goods
The process of distributing resources or products to where they are needed or can be used most effectively.
Nonconsenting Third Parties
Individuals or groups affected by a transaction between other parties without their explicit agreement or participation.
Nonexcludable
A characteristic of a good or service that prevents the owner from effectively excluding others from using it, often associated with public goods.
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