If an Offer Specifies No Time Limit in Which to Accept

question 11

Multiple Choice

If an offer specifies no time limit in which to accept,

• A)the offeree has 30 days to respond.
• B)the offeree has 10 days to respond.
• C)the offer is not valid and therefore it does not matter when the offeree responds.
• D)the offeree has a reasonable period during which to accept.

---

Definitions:

Output Level

The quantity of goods or services produced by a firm or economy in a given period.

External Benefits

Positive effects of a product or service that are enjoyed by people other than those who directly use or consume the product or service.

Private Benefits

The direct advantages or gains accruing to an individual or organization from their economic actions, excluding wider societal impacts.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive in the market.