Which of the Following Statements Is TRUE

question 80

Multiple Choice

Which of the following statements is TRUE?

• A)If acceptance is communicated by letter, then it occurs as soon as the letter is properly posted, provided it was reasonable to use mail in the circumstances.
• B)If acceptance is communicated by fax, then it occurs as soon as the fax is transmitted.
• C)If acceptance is communicated by e-mail, then it occurs as soon as the email is transmitted.
• D)Both A and B
• E)All of the above.

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Definitions:

MU y/ Pᵧ

The ratio of the marginal utility of good Y (MUy) to its price (Pᵧ), indicating the additional satisfaction per unit of currency spent.

Maximize Utility

The economic objective of consumers to achieve the highest level of satisfaction possible from their consumption decisions, given their income and the prices of goods and services.

Marginal Utility

The additional satisfaction or benefit that a consumer derives from consuming an additional unit of a good or service.

Equilibrium

A state where supply and demand balance, and as a result, prices become stable.