An Offer Is Effective Only If It Is Communicated by the Offeror

question 19

True/False

An offer is effective only if it is communicated by the offeror in person.

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Definitions:

Budget Lines

A graphical representation of all possible combinations of two goods that can be purchased with a fixed income.

Indifference Curves

Graphical representations of a consumer's preferences, showing different combinations of two goods between which the consumer is indifferent.

VCR

A video cassette recorder, a device once commonly used to play and record television programs and movies on magnetic tape.

Perfect Substitutes

Goods or services that can be used in exactly the same way, thus one can completely replace another in consumption.