Which of the Following Is True? an Invitation to Do

question 9

Multiple Choice

Which of the following is true? An invitation to do business

• A)is a legally binding promise.
• B)is a commitment to enter into a contract upon acceptance.
• C)is a kind of offer.
• D)is not an offer.
• E)is an offer.

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Definitions:

Equilibrium Price

Equilibrium Price is the price point at which the quantity of goods supplied equals the quantity of goods demanded in the market, leading to a stable market condition.

Supply and Demand Curves

Graphical representations of the relationship between the quantities of goods and services that consumers are willing and able to purchase at various prices and the quantities that suppliers are willing to offer.

Capitalist System

An economic system where trade, industries, and the means of production are largely or entirely privately owned and operated for profit.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of the good that suppliers are willing to provide.