Ron Uses His Status Message on His Facebook Account to Invite

question 38

Multiple Choice

Ron uses his status message on his Facebook account to invite his friends to buy his desktop computer.Carl, a friend, is interested and calls Ron to express his interest.Ron tells him that he is selling the computer for $400.Carl responds by saying that he is ready to buy it for $350.Ron thinks about it for a while and accepts the offer.They decide to make the exchange after three days.But the next day, Ron puts up another update on his Facebook account saying that he has decided not to sell his computer.
-Which of the following describes Ron's action of deciding not to sell his computer?

• A)revocation
• B)rejection
• C)counteroffer
• D)unequivocal acceptance

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Definitions:

Sealed-Bid

A bidding process where all bids are submitted confidentially and unopened until the designated time.

Lemons

A citrus fruit known for its sour taste, also used metaphorically to describe a defective or unsatisfactory product or vehicle.

Expected Value

A calculated average of all possible outcomes of a random variable, weighted by their probabilities.

English Auction

A type of auction in which the price starts low and is progressively bid upwards, with the highest bid at the end winning the item.