When the Offeror Insists That the Offeree Accept the Offer

question 21

Multiple Choice

When the offeror insists that the offeree accept the offer by telephone, the offeree:

• A)can accept the offer in any way.
• B)can accept the offer by telephone or by any other means of instantaneous communication.
• C)must accept the offer by telephone.
• D)can accept by post according to the postal rule.

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Definitions:

Influence on Price

The ability of buyers or sellers to affect the price of a good or service in the market, often due to factors like monopoly power, supply and demand dynamics, or government intervention.

Economic Losses

Financial losses incurred due to unfavorable business conditions, natural disasters, or other unexpected events that negatively impact the economy.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources it owns, without paying rent or borrowing costs.

Free Entry

A market condition where new participants can enter the industry freely without facing prohibitive barriers to entry.