Which of the Following Is TRUE Regarding an Open Price

question 12

Multiple Choice

Which of the following is TRUE regarding an open price term?

• A)It makes the contract unenforceable.
• B)The price may be fixed by the seller.
• C)The price is the "reasonable" price at the time of delivery.
• D)The price is set by the buyer.

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Definitions:

Preferences

The individual tastes and choices made by consumers in regard to different goods and services.

Macroeconomics

The part of economics concerned with the performance and behavior of the economy as a whole. Focuses on economic growth, the business cycle, interest rates, inflation, and the behavior of major economic aggregates such as the household, business, and government sectors.

Microeconomics

The part of economics concerned with (1) decision making by individual units such as a household, a firm, or an industry and (2) individual markets, specific goods and services, and product and resource prices.

Aggregates

A broad category of coarse to medium-grained particulate material used in construction, including sand, gravel, crushed stone, slag, and recycled concrete.