A Counter-Offer by Its Very Nature Contains a Rejection of the Offer.Explain

question 45

Essay

A counter-offer by its very nature contains a rejection of the offer.Explain.

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Definitions:

Public Good

A product or service that is provided without profit for the benefit of all members of a society, characterized by its non-excludability and non-rivalry in consumption.

Marginal Benefit Curve

A graphical representation that shows how the benefit to consumers changes as the quantity of a good or service increases.

Private Market

A segment of the economy composed of companies and financial transactions that are not regulated by the government.

Marginal Social Benefit

An increase in the total benefit to society resulting from a one-unit increase in the production of a good or service.