If an Offer States That a Reply Must Be Received

question 12

True/False

If an offer states that a reply must be received by a certain date,the contract is formed at the time the offeree sends or dispatches the acceptance.

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Definitions:

Marginal Product Data

Information regarding the additional output that can be obtained by adding one more unit of a particular input, holding all other inputs constant.

Units of Output

are the measurable quantities of goods or services produced by a firm or economy.

Maximization of Profits

The process by which a company determines the price and output level that generates the most profit.

MP

Marginal Productivity (MP) refers to the additional output resulting from the use of one more unit of a production factor, keeping other inputs constant.