Concept explainers
To discuss: The difference between unfair-trade and fair-trade laws. Would Person X support unfair-trade or fair-trade laws as a customer and as the owner of small store, would he support unfair-trade or fair-trade laws.
Explanation of Solution
Fair-trade laws: This law let the producer to fix minimum prices for the goods and it is necessary for the dealer to sign contract agreeing to those terms and conditions. These are the state laws that permit the wholesalers or producers to decide the minimum price that has to be charged by all the retailers for handling the product.
Unfair-trade laws: This law wants the sellers to retain minimum prices for comparable merchandise. Instead of concentrating on the final retail price, they force retailers and wholesalers to add a minimum markup value for their product that allows them to sell products at lower cost to attract customers.
Person X support unfair-trade or fair-trade laws as a customer is as follows:
In case of customer, Person X would not be favor of unfair-trade or fair trade laws because it might lead to higher prices.
Person X support unfair-trade or fair-trade laws as an owner of small store is as follows:
In case of small store owner, Person X be in favor of unfair-trade or fair trade laws because they support small businesses to fight with large businesses chains.
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Chapter 18 Solutions
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