On June 10 Edward Came to the Dealer with the Money

question 41

Essay

On June 10 Edward came to the dealer with the money, but the bike had been sold to another customer.Was the dealer under any obligation to Edward to keep this offer open until June 15? Give legal reasoning for your answer.

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.

Average-total-cost Curve

A graphical representation that shows the average total cost of producing each quantity of output.

Marginal-cost Curve

The marginal-cost curve depicts how the cost of producing one additional unit of a good or service varies as production increases.

Economies of Scale

The cost advantage that arises with increased output of a product, as costs are spread over a larger number of goods.