A Promise to Do Something That You Are Already Obligated

question 3

Multiple Choice

A promise to do something that you are already obligated to do is ____.

• A) Valid consideration because it is illusory consideration
• B) Valid consideration only in the employment context
• C) Valid consideration because it is past consideration
• D) Valid consideration only if a sale of goods is involved
• E) Not valid consideration

Distinguish between goods and services within marketing contexts.

Identify the factors contributing to the rise in new product development.

Understand the roles of new-category entries in market expansion and brand development.

Comprehend the concept marketing and how non-tangible products are marketed.

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Definitions:

Price Control

Government-imposed limits on the prices that can be charged for goods and services in a market, usually to curb inflation or protect consumers.

Price Ceiling

A legal maximum price that can be charged for a good or service.

Price Floor

A minimum price set by the government, below which the sale of a product is not allowed.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, aimed at protecting consumers from high prices.