A Description of the Types of Goods and Services Offered

question 24

Multiple Choice

A description of the types of goods and services offered and the geographic area of a market is called

• A)the large market concept.
• B)competition.
• C)a contestable market boundary.
• D)territorial market boundary.
• E)market definition.

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Definitions:

Objectively Worthy

A term used to describe something that is considered to have value or merit based on unbiased criteria or standards.

Preexisting Duty

An obligation that one is already legally required to perform, which cannot be used as consideration for a new contract.

Legally Sufficient Consideration

Consideration that is considered to be enough or adequate under the law for a contract to be binding.

Preexisting Duty

An obligation that one party already owes under the law or another agreement, which cannot serve as consideration for a new contract.