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The Tendency for Firms to Automatically Continue Strategies That Were

question 7

Multiple Choice

The tendency for firms to automatically continue strategies that were successful in the past,even though current market conditions are changing,is referred to as:

Understand the components and legal implications of conditional acceptances and counteroffers.

Identify and explain the mirror image rule under common law.

Describe the process of mutual assent in contract formation.

Identify and classify the types of parties under Article 2 of the UCC.

Definitions:

Short Run

(1) In microeconomics, a period of time in which producers are able to change the quantities of some but not all of the resources they employ; a period in which some resources (usually plant) are fixed and some are variable. (2) In macroeconomics, a period in which nominal wages and other input prices do not change in response to a change in the price level.

Long Run

In microeconomics, a period of time long enough to enable producers of a product to change the quantities of all the resources they employ, so that all resources and costs are variable and no resources or costs are fixed. In macroeconomics, a period sufficiently long for nominal wages and other input prices to change in response to a change in a nation’s price level.

U.S. Electricity

The system of electrical generation, transmission, and distribution operated within the United States.

Generated From

Derived or produced from a particular process or source.