The Ability to Make Counteroffers Transforms Bargaining from a Game

question 102

Multiple Choice

The ability to make counteroffers transforms bargaining from a game in which ___________ trumps everything to a game in which ____________ is the winning strategy.

• A)patience; the first-mover advantage
• B)a commitment strategy; self-interested behavior
• C)the first-mover advantage; patience
• D)the first-mover advantage; cooperation

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty providing a uniform framework for international commerce.

UCC

As a detailed legal framework, the Uniform Commercial Code specializes in overseeing a variety of commercial transactions across the United States.

GATT

The General Agreement on Tariffs and Trade, an international treaty designed to reduce tariffs and other trade barriers.

Dispute Settlement Understanding

A core WTO agreement that outlines how countries can resolve trade disputes under its framework.