An Offer of a Reward for the Arrest and Conviction

question 28

Multiple Choice

An offer of a reward for the arrest and conviction of a criminal is an example of a:

• A) unilateral contract.
• B) bilateral contract.
• C) quasi contract.
• D) formal contract.

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Definitions:

Competitive Firm

A company that operates in a market with many buyers and sellers, where each has a negligible effect on the market price.

Average Total Cost

The cost per unit of output, calculated by dividing the total production cost by the quantity of output produced.

Marginal Revenue

The supplementary earnings acquired from selling an extra unit of a product or service.

Competitive Market

A market structure where multiple firms are vying for consumers' business, thereby fostering innovation and fair pricing due to competition.