Shirley Hears About a Reward Being Offered by the Local

question 15

Multiple Choice

Shirley hears about a reward being offered by the local television station for information leading to the arrest and conviction of a local rapist.She supplies the requested information,and the suspect is then arrested and convicted.In this case:

• A) Shirley cannot collect the money unless the offer was specifically made to her by the station.
• B) the offer by the television station was an offer made to the general public to enter into a unilateral contract,which offer Shirley has accepted.
• C) because Shirley failed to notify the station of her intention to supply the information before actually doing so,she has not accepted their offer.
• D) Shirley was just doing her duty as a citizen and has no right to the payment of any money.

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Definitions:

Market Demand

The combined amount of a product or service that every consumer in a market is prepared and capable of buying at different price points.

Elastic

A characteristic of a good or service whose demand or supply changes significantly when its price changes, indicating sensitivity to price adjustments.

Sunk Costs

Expenses that have been incurred and cannot be recovered, which should not impact future business decisions.

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, including high startup costs, legal restrictions, and strong brand identity.