The Rule That If the Offer States That It Must

question 11

Multiple Choice

The rule that if the offer states that it must be accepted by mail, the acceptance becomes valid the moment it is deposited in the mail (even if it is never received by the offeror) is known as which of the following?

• A) The mirror image rule
• B) The postal rule
• C) The mailbox rule
• D) The stationery rule

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Definitions:

Market-clearing Wage

The wage rate at which the quantity of labor supplied is equal to the quantity of labor demanded.

Efficiency Wage

A higher-than-market wage that a firm pays to increase worker productivity and reduce turnover.

Penalize Shirking

Involves imposing consequences on employees or agents who reduce their effort or productivity, often seen in economic models of labor markets.

Efficiency Wage

A higher-than-market wage paid by employers to increase productivity and efficiency among workers by motivating them and reducing turnover.