Use the Fact Situation in Q3 to Answer the Related

question 11

Multiple Choice

Use the fact situation in Q3 to answer the related question that follows: In the above fact situation,an offer occurs

• A)when Alexander takes the tea home.
• B)when the cashier tells Alexander the price of the tea.
• C)when Alexander hands the money to the cashier.
• D)when Alexander sees the price beside the teas on the shelves.
• E)when Alexander takes the tea off the shelf.

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Definitions:

Market

A place or arrangement through which goods and services are exchanged between buyers and sellers.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or by a private individual or organization.

Nonrival-in-consumption

A characteristic of goods where one person's consumption does not diminish the ability of others to use the same good.

Nonexcludable

A characteristic of a good or service that prevents the owner from effectively denying access to it to non-paying individuals or entities.