Answer: True.
Explanation:
The Hawthorne effect explains that workers tends to put in more effort when they are aware that they are being monitored, therefore the restaurant can use the Hawthorne effect to achieve more productivity from their workers.
Which of the following is NOT a correct explanation for multimarket competition?
A) Extensive market commonality increases intense competition in an industry.
B) A firm with greater multimarket contact is less likely to initiate an attack, but more likely to respond aggressively when attacked.
C) Coca Cola and PepsiCo compete across a number of products (e.g., soft drinks, bottled water) and geographic markets (U.S. and foreign markets) indicating that both companies have market commonality.
D) Market commonality is concerned with the number of markets with which the firm and a competitor are jointly involved and the degree of importance of the individual markets to each.
Answer:
Which of the following is NOT a correct explanation for multi-market competition?
Coca Cola and PepsiCo compete across a number of products (e.g., soft drinks, bottled water) and geographic markets (U.S. and foreign markets) indicating that both companies have market commonality.
Explanation:
only deposits of a rare and sought-after mineral known as Yuksporite are found in ussia. Since no other nation has deposits of Yuksporite, Russia has an in this mineral. A) diversified benefit C) relative internal benefit B) protected advantage D) absolute advantage
Answer:
D. Absolute Advantage
Explanation:
Absolute advantage represents an economics principle referring to the capability of a firm or a country or even an individual to manufacture or produce a larger quantity of a product or offer a greater quantity of a service than its competitors especially with the same amount of resource which in in reference to international trade is labour.
The absolute advantage for Russia in the question is that it has the only deposits of Yuksporite and using the same amount of labour input other countries would have used, Russia has the absolute advantage as the only manufacturer of goods that would come out of Yuksporite.
Answer:
D) absolute advantage
Explanation:
Absolute advantage is the ability of a country to make available a particular good or service much affordably than any other nation.
In application to the given scenario, since no other nation has deposits of Yuksporite, Russia has an absolute advantage in this mineral since no other nation will be able to provide Yuksporite cheaper, because they must have bought from Russia before they are able to supply to any other country and in that case they will sell at a margin
In the country Blestonia, people value relationships over business. They use communication as a means of building social relationships rather than to merely exchange information. Given this information, it can be concluded that Blestonia has a _____. a. high-context culture b. masculine culture c. uncertainty avoidance culture feminine culture d. low-context culture
Answer:
The correct answer is (a)
Explanation:
According to the above scenario, Blestonia has a high context culture which means they believe in implicit communication. Overall, the most important aspect of high context culture is their way of communication, and how much importance they give to interpersonal communication. As they believe in interpersonal communication that is why social relationships are highly regarded in such societies.
A Bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the the rate of 18% per year. If the interest recieved totaled $1000, how much was loaned at 8%?
Answer:
amount loaned at 8% interest is $11.60
Explanation:
given data
loan = $12,000
rate = 8% per year = 0.08
other rate = 18% per year = 0.18
interest receive = $1000
solution
we first consider here amount for loaned at 8% = x
so here amount for loaned at 18% will be = $12,000 - x
so we can say interest received equation will be here as
$1,000 = (0.08)x + (0.18)($12,000 - x)
solve it we get
x = $11.600
so amount loaned at 8% interest is $11.60
Silk-skin Cosmetics is advertising its newest line of eye makeup. Made from all-natural ingredients, the products are hypoallergenic. Silk-skin is selling the products in specially designed tubes that make it easier to apply to the skin. Which of the following is the core product value for Silk-skin's line of eye makeup?
Complete question:
A) the natural ingredients
B) the Silkskin brand
C) the products' revolutionary packaging
D) the hypoallergenic properties of the products
E) the possibility of having beautiful eyes
Answer:
The possibility of having beautiful eyes is the core product value for Silk-skin's line of eye makeup.
Option E is correct
Explanation:
A solution to a genuine problem that is important enough to make people pay for a commodity is the core product benefit.
First, whenever the customer interacts with the company at an A-Ha moment, the core product interest is remembered.
For example, the key benefit of a vehicle, the ability to move around at a fast pace, is the key commodity of a car.
In this case, the essential product value of eye make-up for silk-skin cosmetics is the possibility of beautiful eyes.
"Gathering information from potential customers in an effort to determine their preferences is an example of using statistics in the field of ________."
Answer:
Marketing Research
Explanation:
Marketing Research
This is the process of investigating collecting , analyzing and interpreting informatiom about a market of a particular product or service to be rendered for sale in the market , and about the past, present and potential customers for the product or service; research into the characteristics, their spending habits, location and needs of your business's target market, the industry as a whole, and the competitors you face
Accurate information about your customers needs will ensure the sales of your product and service.
Ryan is trying to dispel the myth that the role of salespeople is to "sell refrigerators to Eskimos." He tells his salespeople that their organization needs to be a customer-centric organization that helps customers:
A. by identifying problems.
B. by finding information about potential solutions.
C. by providing after-sale service.
D. by making the customer the center of their efforts.
E. all of the above.
Answer:
E. All of the Above
Explanation:
A customer centric organisation represents an organisation that puts the customer of its products as well as their experience with the product at the centre of its activities. Customer satisfaction both before and after sales of products is core to such organisations.
Since, Ryan is trying to promote a customer centric organisation which emphasizes satisfaction before and after sales, then all the options listed are important.
Salespeople should be able to identify customer problems while trying to purchase and during use, salespeople should not only identify these problems but must also find and suggest potential solutions to them.
After-sale service is core because customer experience with the product of such organsation is also as important as their buying experience.
Finally, since all these activities are customer centered, it is good to assume that such organisations and their salespeople make their customers the center of their efforts.
Final answer:
Ryan is advocating for a shift towards a customer-centric organization, which includes identifying customer problems, providing solutions, after-sale service, and focusing on the customer's needs as a whole. This customer-centric strategy contributes to establishing stronger customer relationships and better business outcomes.
Explanation:
Ryan is illustrating a paradigm shift in sales from a product-centric approach to a customer-centric organization. This shift emphasizes the importance of salespeople acting not just as vendors, but as consultants who assist customers by identifying problems, finding information about potential solutions, providing after-sale service, and making the customer the centre of their efforts, which is summarised in option E: all of the above.
These strategies are integral to building a sustainable business as they foster better customer relationships, yield insights into their needs and expectations, and ultimately contribute to a positive, productive work environment.
By reframing the role of salespeople in this way, it acknowledges that the initial sale is just one component of a longer relationship with the customer that includes service, support, and ongoing engagement. This approach also aligns with the philosophy described by Kate Cannon, who identified that understanding employees' and clients' emotions plays a crucial role in business outcomes. With this mindset, salespeople and organizations can dispel outdated myths of aggressive selling and instead focus on a customer-centric strategy that leads to mutual satisfaction and success.
For a restaurant: Select one: a. cheese and other wholesale food items would be considered fixed resources in the short run. b. labor and food would be variable resources and a building would be a fixed resource in the short run. c. a building would be a fixed resource in the short run. d. labor and food would be variable resources.
Answer:
c. a building would be a fixed resource in the short run.
Explanation:
A fixed resource is a factor of production that doesn't vary with output. E.g. building
A variable resource is a factor of production that varies with output. If output increases, variable resources increases. E.g. labour, cheese and other wholesale food items.
Output is what is produced. E.g. the food produced by the restaurant is the output.
I hope my answer helps you
One of the basic facts of life is that people must make choices as they try to attain their goals. This unavoidable fact comes from a reality an economist calls.
Answer:
scarcity is the fact that people must make choices as they try to attain their goals.
Explanation:
Scarcity is a commodity's lack of availability, and may be in consumer or commons production. Scarcity often includes a lack of resources for buying goods from a person. There is plenty to the reverse of lack. Scarcity provides limited resources than is required to fulfill human needs and desires.so, we say that scarcity leads to dissatisfaction.
therefore the right answer is Scarcity.
Changes that affect a product's versatility, effectiveness, convenience, or safety are called ____ modifications.
a. formal
b. package
c. functional
d. aesthetic
e. quality
Answer:
C. Functional Changes
Explanation:
The goal of functional modifications is to ensure that the product becomes useful to more consumers which in turns broadens the market base for teh product. A strategy that is often employed is to analyze competitor's products and then identify features or modifications that are not available with the competiton's products. These features are then added to the existing product to gain a favourable position with the consumers.
Functional modifications assists the positive image building of a brand.
Functional Modifications include, a product's improved convenience (ease of use and access), effectiveness (ability to perform its stated functions), safety and versatility (ability to adapt or be used in different situations and activities).
Answer:
c. FUNCTIONAL MODIFICATION
Explanation:
c. FUNCTIONAL MODIFICATION
Changes that affect a product's versatility, effectiveness, convenience, or safety are called ____Functional modifications.
Every organisation aim to improve the effectiveness, versatility e.t.c of his product, so that the product will meet customer satisfaction.
the aspect of product modification which improve its efficiency, increase its function, increase the application, reduced its current consumption, e.t.c are classify under functional modification.
b. package : change in branding to entised customer
d. aesthetic : enhance Beautification of the product,
e. quality: the grade and durability of the product
System ________ refers to the process of changing the business activity from an old information system to a new system.
Answer: Conversion
Explanation:
The system conversion is one of the type of business conversion strategy in which the various types of business activities are replace some old information from the new system.
The main objective of the system conversion is to updated the old information system from the new one according to the customer requirement. It basically providing the good structured approach for improving the management and also the communication.
Therefore, System conversion is the correct answer.
A method managers use to evaluate the resources at their disposal and manage or alter them to achieve competitive advantage is referred as______________.
Answer:
Resource View
Explanation:
A resource view or resource-based view is a strategic tool, hence its use by managers. It is bascially employed by management for the assessment of an organisation's strategic resources or assets in order to enhance the efficient and effective use of all available resources to maximize competitive advantage.
Some refer to the Resource Based View (RBV) as a managerial framework specifically employed to strategically maximize resource use for sustained advantage over competitors.
Final answer:
The resource approach is a method used by managers to evaluate resources for competitive advantage.
Explanation:
The resource approach is a method managers use to evaluate the resources at their disposal and manage or alter them to achieve competitive advantage. This approach involves recognizing core competencies within a firm and determining how to best exploit them to excel in the market.
Although the resource approach encourages strategic thinking that may lead to significant restructuring, it does face criticisms, such as those from the positioning school advocated by Porter, which emphasizes that an organisation's resources are crucial to strategic choices. In contrast, the cost approach focuses on incremental improvements and risk management.
A owner agrees to lease a property to be used as a casino; state laws prohibit gambling. This contract would be legally defined as:1. void.
2. voidable.
3. valid.
4. unenforceable.
Answer:
It is void (1)
Explanation:
A void contract is a type of contract that cannot be enforced by law by either of the party. A void agreement is void ab initio, i e from the beginning.
A good example of void contract is agreement to carry out an illegal act.The contracting parties do not have the power to make a void contract enforceable.
A contract can also be void due to the impossibility of its performance or prerequisites of a valid contract is/are absent.
An inferior gooda) has a negative income elasticity b) is one where the demand curve shifts to the left when income goes upc) exists only in theoryd) is low-quality goode) both a and b are true
Answer: Has a negative income elasticity.
Explanation:
An inferior good demand would drop with an increase in income of the consumers of it, therefore inferior good normally experience negative income elasticity of demand. This drop occurs because, as consumers earn more they would now love to buy original goods.
On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what would be the amount of the sales discount be if the payment is received on January 9?
a.$8,750
b.$1750
c.$10,000
d.$26,250
Answer:
b. $1750
Explanation:
Provided that
Sale of the company = $87,500
Credit terms = 2% if payment is received within 10 days and the prescribed time limit is 30 days
The amount of the sales discount would be
= Sale of the company × discount percentage
= $87,500 × 2%
= $1,750
We simply multiplied the sale of the company with the discount percentage so that the sales discount could come
"A prediction market has been formed through which participants can bet with each other on the outcomes of the World Cup. One security in this market is priced at $30. This security gives its owner the right to $100 if Country A wins the World Cup and $0 otherwise. Which of the following is true?"
Final answer:
The security's $30 price in the prediction market indicates the market's belief that Country A has less than a 30% implied probability of winning the World Cup. This price reflects collective assessments and involves concepts like arbitrage and the 'winner's curse.' The efficiency of the market depends on rational and strategic actions by the participants.
Explanation:
The situation described in the question involves a prediction market where individuals can bet on the outcome of the World Cup. The security being priced at $30 allows the buyer to receive $100 if Country A wins, and nothing otherwise. The question does not provide enough information to determine the implied probability of Country A winning that the market has set, but essentially, the current price of the security reflects the market's collective assessment of Country A's chances of winning.
In this case, one could infer that participants in the market believe there is less than a 30% chance that Country A will win (because otherwise the price would likely be closer to $100). However, for this market to work efficiently, it relies on principles such as each player choosing actions that maximize payoff, and accurate predictions about other players' actions, as well as an understanding of the concept of arbitrage.
Moreover, what's stated in the information provided is a form of the 'winner's curse' in auctions. Here, it explains that the winner of an auction could overpay for an asset due to competitive bidding, similar to how the highest estimate for an oil field resulted in a loss for the winning bidder.
This example with the prediction market indicates how values can be misallocated in a market, and can be connected to broader discussions about the economic impact of the World Cup and other major sports events on societies.
______ argued that the major activities of management and leadership are played out differently; but both are essential to an organization.
Answer:
Kotter
Explanation:
According to Kotter, leadership and management are two different aspects but however they are complementary systems of action in organization.
Discuss why contractors must make bid/no-bid decisions and the factors involved in making these decisions. Give an example of when a contractor should bid and when a contractor should not bid.
Answer:
a. Discuss why contractors must make bid/no-bid decisions:
Contractors have to make a decision to be bid or not to be since the bidding process is usually long and costly.
b. Factors involved in making these decisions:
Opportunity costTechnical requirementsFinancial statusLegal requirementsc. A contractor should bid when the project aligns well with the contractors business goals and has a competitive edge over other bidders, however, a contractor should not bid when there is high probability of project failure or when there is inadequate capabilities in terms of funding and experience.
Explanation:
a.
Bid/no-bid decisions usually follow a request for proposal (RFP). A request for proposal (RFP) is usually a document that seeks a business proposal to be made using a a bidding process by an organization that seeks the procurement of a good, service or an asset. In the construction business, the services are offered by contractors. The RFP usually contains all the information about what the client wants including; the end product and the time frame within which the contract has to be completed. They also include the professional requirements for the workers that will be needed.
Once a contractor has received a RFP, they decide whether or not to bid. Bidding is the process through which the contractor expresses interest in offering his/her services for a certain monetary compensation. Contractors have to make a decision to be bid or not to be since the bidding process is usually long and costly.
b.
The following factors are involved in making bid/no-bid decisions;
1. Opportunity cost: this is the cost of an alternative option to the bidding process. If the opportunity is great, then contractors would make a decision not to bid, however, if the opportunity cost is low, the contractor will make a decision to bid.
2. Technical requirements: the contractors needs to assess if they can meet the technical requirements in terms of expertise and quality. It would be advisable not to bid if they don't meet the requirements.
3. Financial status: the contractor should also consider evaluating the total cost that the project might need. This cost should be checked against the contractor's financial situation to determine if they will be able to handle the project without financial strain.
4. Legal requirements: the contractor needs to check the legal requirements of the project and determine if they can execute the project without going beyond the threshold of the law. One should asses exposure to legal risks before making a decision.
c.
A contractor should bid when the project aligns well with the contractors business goals and has a competitive edge over other bidders, however, a contractor should not bid when there is high probability of project failure or when there is inadequate capabilities in terms of funding and experience.
According to the factor-endowment theory, international specialization and trade cause a nation's cheap resource to become cheaper and a nation's expensive resource to become more expensive. True or false?
Answer:
False
Explanation:
Factor endowment policy states that a country would be abundant in a resource which most utilize the factor with which the country is excessively blessed or endowed with.
For example, in producing a particular good, out of all the factors of production, labor is most required. If the country is blessed or endowed with high supply of skilled labor, then the country would eventually turn out to be amongst the top producers of that good.
As per the theory, international specialization and trade would cause a nation's cheap resources (abundant initially) to become expensive and expensive resources (which were scarce earlier) to become cheaper.
Thus, the given statement is false.
"Dividing the market into segments according to when buyers get the idea to buy, actually make their purchase, or use the purchased item, is called ________ segmentation."
Answer: The correct answer is Occassion Segmentation
Explanation: Occasion segmentation refers to a process of dividing the market into groups on the basis of the different occasions when the buyers plan to buy the product or actually buy the product or use the product.
Certain products are regarded as apt for a particular time or occasion of which the reason behind occasion segmentation is to project the ‘purpose of purchase’ so as to improve the sales of a particular product or service.
Behavioral segmentation is a strategy used by companies to divide the market based on consumer purchasing behavior. It enables firms to create specific marketing strategies to target consumer segments at different stages of their purchasing timeline, potentially increasing their market advantage.
Explanation:Dividing the market into segments according to when buyers get the idea to buy, actually make their purchase, or use the purchased item, is called behavioral segmentation. This concept is a critical aspect of a company's overall marketing strategy. Behavioral segmentation allows firms to understand the various needs and drivers of consumers based on their purchasing behavior. It includes factors such as usage rate, brand loyalty, and the benefits sought by the customer. Companies using this approach can tailor their market offers and communications to match the unique behavioral patterns of different consumer segments.
For example, a company may identify a segment of consumers who tend to make purchases during festive seasons and then develop specific marketing strategies to target this segment. By understanding consumer demand and focusing marketing efforts during peak times of purchase, a firm may successfully increase its advantage over competitors.
Understanding the consumer's decision-making process, such as the timing of their purchases and consumption ('intertemporal decision making'), enhances the company's ability to adopt a focus strategy. This strategy concentrates on serving a specific market segment either more efficiently or with tailored product variations that meet the segment's needs, in line with Porter's concepts of cost leadership or differentiation strategies.
The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed is the definition of __________. A. FeedbackB. InformationC.Competitive intelligenceD. Data
Answer: (C) Competitive intelligence
Explanation:
The competitive intelligence is one of the process of analyzing the various types of information that helps in learned abut the market, consumers and the competitors.
The main objective of the competitive intelligence is that it helps in support the various types of strategic decisions in an organization.
According to the given question, the competitive intelligence is helps in gathering the data for improving the ability of an organization in this competitive environment.
Therefore, Option (C) is correct answer.
The value chain comprises activities from research and development through the production process but does not include activities related to the distribution of products or services.True / False.
Answer:
False
Explanation:
What increases the cost of a product or service is the value that has been added, it will be observed that a material at its raw state is cheaper than when it becomes finished goods, the difference in pricing is the value addition.
Therefore, all the stages in a production process that add value to the goods from the production factory until it gets to the hands of the final consumer is called value chain.
Distribution of products or services is part of the value chain because it alters the physical location of the goods and service to bring them close to the consumers. this type of value is place utility.
Lori contracts to buy coffee beans for her store from Mike. The contract price is $7.50 per pound of Costa Rican coffee. Mike breaches the contract and delivers no coffee. Lori’s damages will likely be
Answer:
the difference between the contract price of coffee and what Lori will have to pay to secure alternative coffee
Explanation:
Lori wanted to buy coffee beans for that she paid the contract price of $7.50 per pounds to mike. Mike has breached the contract which is why Lori has lost $7.50. Now to buy coffee beans she will contact some other supplier and pay them to secure alternative coffee. So, in total Lori's damages are the contract price of coffee and what she will pay some other vendor to secure coffee beans.
AA Appliances sells refrigerators. In 2015 it added $100,000 to its inventory. $10,000 of this addition was from used refrigerators, and the remaining $90,000 was from their purchases of newly manufactured refrigerators. How much of AA’s inventory is included in 2015 GDP?
Answer:
$90,000
Explanation:
Given that
Added amount to inventory = $100,000
Used amount for refrigerator = $10,000
Purchase of newly manufactured refrigerator = $90,000
So by considering the above information, the amount that is included would be $90,000 as this amount reflect the newly refrigerator amount and the other $10,000 would already be used so this amount is not relevant.
________ pricing involves setting prices based on the costs for producing, distributing, andselling the product plus a fair rate of return for the company's efforts and risks.
A) Value-based
B) Fixed cost
C) Cost-based
D) Variable
Answer:
C) Cost-based
Explanation:
Cost-based based pricing is a pricing strategy where price is a mark up of cost of production. Price is the sum of cost of production and an extra amount to account for profit.
Value based pricing is setting prices at the consumers' perceived value for the product.
Fixed pricing is when price remains unchanged over a long period of time.
Variable pricing is when price changes based on location, region and other factors
I hope my answer helps you
When the seller requires that only certain dealers carry its products and also that these dealers not handle competitors' products, its strategy is known as ________. Exclusive distribution horizontal restraint of trade disintermediation selective distribution horizontal market division
Answer:
exclusive dealing
Explanation:
Exclusive dealing -
It is the method , where a deal is set up between a specific supplier and the wholesaler or the retailer , where the no other distributor would be able to receive the supply , is referred to as exclusive dealing.
In this scenario no other dealer can not handle the product in any case.
Hence , from the scenario of the question,
The correct option is exclusive dealing .
Florida schools offered cash bonuses to students who scored high on the state's standardized exams. The cash bonuses are an example of this economic principle:
a.People usually take advantage of opportunities to make themselves better off.b.There are gains from trade.c.The real cost of something is what you must give up to get it.d.Resources are scarce.
The cash bonuses are an example of this economic principle of People usually take advantage of opportunities to make themselves better off.
Explanation:
A cash bonus applies to a large amount of money offered to an individual for good performance either periodically or daily. An employee, division or the whole organisation, depending upon the extent at which performance goals were achieved may earn a cash bonus for higher than expected achievements.
Let's take the example of Company ABC. The company has a 15-person sales team. Each team member has to add 10 accounts each. At the end of every year, the company can give every employee a cash bonus of $1,500 in order to meet their objectives.
Scarcity exists because: individuals cannot solve the three central coordination problems. governments cannot solve the three central coordination problems. the supply of goods is always less than the demand. new wants continue to develop and willingness to meet them is limited.
Answer:
Scarcity exists because new wants continue to develop and willingness to meet them is limited.
Explanation:
Scarcity exists because of the mismatch between wants and resources. The wants of the human beings are unlimited and also continue to develop more day by day. Resources to satisfy the unlimited wants on the other hand, are limited or scarce. That's why the willingness to meet new wants and already existing is limited.
Scarcity is a fundamental concept in economics that refers to the limitation of resources in the face of seemingly unlimited human wants and needs. It is primarily influenced by the fact that the supply of goods never seems to meet demand and is further magnified by the continual development of new human wants and desires.
Explanation:Scarcity, in economics, refers to the basic economic problem of having seemingly unlimited human wants and needs in a world with limited resources.
Because these resources are limited, the concept of scarcity exists. The statement 'the supply of goods is always less than the demand' is closely tied to the concept of scarcity.
Scarcity does not necessarily concern individuals' or governments' inability to solve central coordination problems but rather deals with the inherent limit in the availability of resources in relation to wants and needs.
It is also influenced by human's continual development of new wants and the sometimes limited willingness or ability to meet these wants.
Learn more about Scarcity here:https://brainly.com/question/34071923
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________ assumed that the psychological forces shaping people's behavior are largely unconscious, and that a person cannot fully understand his or her own motivations.A) Abraham MaslowB) Frederick HerzbergC) Sigmund FreudD) John CacioppoE) Karl Marx
Answer:
C) Sigmund Freud
Explanation:
Sigmund Freud found that the psychological forces developing people's performance are largely unaware as well as that a personality cannot fully realize his or her personal motivations. Basically psychological forces are a collection of emotions, ideas, as well as behavioral improvements driving to development. And as we should know that "Sigmund Freud" was a man who born in Austria and was a neurologist and the originator of psycho-analysis. That is a clinical approach for operating psychopathology through conversational dialogues.
Sigmund Freud is the one who assumed that psychological forces shaping behavior are largely unconscious and beyond personal awareness, contributing significantly to the development of psychoanalytic theory.
The individual who assumed that the psychological forces shaping people's behavior are largely unconscious, and that a person cannot fully understand his or her own motivations was Sigmund Freud. Freud is renowned for developing the psychoanalytic theory, which emphasizes the predominance of the unconscious mind in influencing behavior and personality. He introduced several key concepts, including the id, ego, and superego, as well as the defense mechanisms used to cope with anxiety and maintain a positive self-image. His theories propose that behavior, experience, and cognition are largely shaped by unconscious drives and events in early childhood, which determine an individual's personality and motivations.
Aaron says to Mitt, "In consideration of you being such a swell guy, I’m going to give you $100." Is there consideration sufficient to enforce this promise?
Answer:
Yes
Explanation:
Consideration is the price of a promise to do something or abstain from doing something. Aaron's promise to Mitt to pay $100 will be treated as past consideration if it was given at the desire of Aaron. So there is sufficient consideration to enforce this promise.