Mike had been negotiating with a Japanese company for distribution rights for five days. He was afraid he was going to lose the contract, so at the last minute he decided to lower the price. They accepted the next day. What mistake did Mike make? Multiple Choice He should have come in with a low price at the outset. He should have had a written concession plan before he began the negotiation. He should have given the Japanese negotiators a menu of options including the lower price. He should have avoided all concessions. He should have deferred to his superiors.

He should have given the Japanese negotiators a menu of options including the lower price.

Explanation:

As it was already on cards that whenever you negotiate you need to have some preparation beforehand and have a complete list of options you would opt if your best options fails to be executed.

Hence, Mike should have given the Japanese a list of options so that It would be easy for them to think about the offer as well as give Mike the advantage to make his deal a success through different options. And if still the options weren't good enough for the Japanese, then Mike would only be left with the option of lowering the price but he would still had a more chance of getting his deal done if he had prepared those options as well.

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answer; is usually (less than) the socially optimal level of consumption;