Lake Port Services Enters into a Contract to Load Max's

question 57

Multiple Choice

Lake Port Services enters into a contract to load Max's Great Lakes barges with the cargo that Max designates. Lake Port's offer to perform, when it is ready, willing, and able to do so, is called

• A) complete.
• B) substantial.
• C) tender.
• D) tough.

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Definitions:

Economic Profit

The gap between the total earnings of a business and all its costs, encompassing out-of-pocket and opportunity costs.

Perfect Competitor

A Perfect Competitor refers to a hypothetical firm in a perfectly competitive market that cannot influence the market price and must accept it as given.

Short Run

A period in economics during which some factors, like capital, are fixed and cannot be changed, emphasizing immediate effects.

Price-Taker

A price-taker is a market participant that cannot influence the price of a good or service and must accept the prevailing market price.