Question

1.My roommate/mom asks me to buy milk when I go to the grocery store. She gives me $5. What has formed between us?

A. A partnership

B.An agent relationship

C.An internship

D.A contract

2.Chicos Tacos opens a taco truck on Mesa. Lines form at the truck as West Siders finally get convenient access to Chicos.

2 weeks later, Little Diner opens a Gordita stand across the street, and Carlos & Mickey’s opens a margarita cart next door, capitalizing on the Chicos success.

What is this phenomenon referred to?

A.Economies of Scale

B.Economies of Agglomeration

C.Unfair Competition

D.IP Infringement

Chicos Tacos opens a taco truck on Mesa. Lines form at the truck as West Siders finally get convenient access to Chicos.

2 weeks later, Little Diner opens a Gordita stand across the street, while Carlos & Mickey’s opens a margarita cart next door, capitalizing on the Chicos success.

3.Which is NOT an expected benefit of this clustering?

A.Increased talent availability for all 3 competitors

B.Increased brand awareness for all 3 competitors

C.Reduced real estate prices for all 3 competitors

D.Increased foot traffic for all 3 competitors

4.Chicos, Little Diner, and Carlos & Mickeys all share a dumpster which is collected by city waste management 3 times a week. If the 3 competitors pace their garbage disposal over the week, the dumpster would never overflow, however, the dumpster is always full at the beginning of the week. The 3 restaurants are now at risk of getting fined by the city for over-filling their dumpster.

What is this phenomenon referred to?

A.Tragedy of the Commons

B.Duel of the Fates

C.Capitalism

D.Prisoner's Dilemma

5.What is a company "exit"?

A.The company dissolves

B.The company sells

C.The company IPOs

D.B and C

Answer 1

Q1. Answer

*Partnership means- it is a form of business between two or more person to manage and operate business, share a ownership and responsibility and share a profits.

Given question is not a form of business. It is not a partnership.

*An Agent relationship - It is a business relationship where agent is required to act according to order of principal. Agent is obliged to follow the instructions of principal

In this both parties are not principal and agent because it not a business relationship and one party not ordered and other party not obliged to do the act.

*An internship- An internship is opportunity offered by employer to potential employee to work for fixed period of time.

It is not a work experience.

* Contract- Contact is a written or spoken agreement that creates mutual obligation.

It is an implied contract i.e not written but law creats obligation in the form fairness based on facts. It an understanding that created obligation.

Therefore in the question to buy a milk is a implied contract of understanding that creates obligation.

Therefore option (D) A contract is correct.