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Cedar CoHas Forecast Purchases to Be $330,000 in June,$375,000 in July,$310,000

question 29

Multiple Choice

Cedar Co.has forecast purchases to be $330,000 in June,$375,000 in July,$310,000 in August,and $270,000 in September.Purchases average 30% paid in cash,70% on credit.Credit purchases are paid 60% in the month of purchase,30% during the month following,and 10% the second month following the purchase.Cash disbursements in September would be:

Recognize that contracts are enforced according to their clear and obvious terms as determined by courts.

Differentiate between actual contracts and quasi contracts and understand their legal implications.

Grasp the concept that quasi contracts are imposed to ensure fairness and justice.

Understand the circumstances under which a party can claim the fair value of a benefit under the doctrine of quasi contract.

Definitions:

Nash Equilibrium

A concept within game theory where no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.

Simultaneous Game

A type of strategic game in game theory where all players make decisions or choose their strategies at the same time without knowledge of the others' choices.

Utility

A measure of satisfaction or happiness that consumers receive from consuming goods and services.

Prisoner's Dilemma

A fundamental problem in game theory demonstrating that two people might not cooperate even if it is in both their best interests to do so.