What Advice Would You Give to a Firm That Wants

question 39

Multiple Choice

What advice would you give to a firm that wants to exploit network effects?

• A) Price your products high in the early stages of the market's development.
• B) Be a first mover and thus establish the technical standard.
• C) Create incentives for other firms to develop complementary products.
• D) Develop more killer applications than do competitors.
• E) Ask customers to bear the switching costs.

Gain familiarity with the UCC's provision on the sale of goods and its implications for contract enforceability.

Understand the relevance of past dealings, courses of performance, and trade usages in contract interpretation.

Identify and explain exceptions to the suretyship provision requirement under the statute of frauds.

Understand the requirements and exceptions to the Statute of Frauds as outlined in Article 2 of the Uniform Commercial Code (UCC).

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Definitions:

Sister Groups

The two lineages that emerge from a node on a cladogram.

Hardy-Weinberg Equation

A principle used in genetics to calculate the frequency of alleles and genotypes in a population's gene pool under ideal conditions.

Recessive Allele

An allele that only expresses its phenotype when two copies are present, as opposed to when a dominant allele is present.

Derived Trait

An evolved feature that distinguishes a species from its ancestors, arising during the species' history.