[RV and Bike Deal] for His Retirement, Milton Wants to Rent

question 66

Multiple Choice

[RV and bike deal] For his retirement, Milton wants to rent an RV and spend the summer travelling out West. Milton stops by Rudi's RV Heaven and Rudi tells him that he could rent an RV for the summer for $6,000. Milton, who had already researched rental costs, told Rudi he would agree to the price and also wanted to buy two of the bicycles Rudi showed him that were $100 each. Milton and Rudi shook hands and Milton said he would return the next day. When Milton returned, Rudi had the bicycles ready to go, but told Milton that the price for the RV was $8,000, not $6,000. Milton tells him that he cannot change the price because they had an enforceable agreement. Milton also tells him that he will not buy the bicycles, but Rudi tells him the agreement about the bicycles is enforceable and he wants Milton to pay him.
-Does the agreement to rent the RV for $6,000 fall outside the statute of frauds and, thus, would likely be enforceable against Rudi?

• A) No, because the agreement is for the sale of goods over $500, which is within the statute of frauds and must be in writing.
• B) No, because the agreement involved the lease of goods and must be in writing.
• C) Yes, because the agreement involved the lease of goods, which need not be in writing
• D) Yes, because the contract can be performed within one year.
• E) No, because the contract may not be performed within one year.

Evaluate the role of advertising and product variety in monopolistically competitive markets.

Understand the comparison between monopolistic competition and pure competition concerning price, output, and efficiency.

Identify conditions under which monopolistically competitive firms can earn profits or incur losses.

Examine the trade-offs between product variety and allocative efficiency in monopolistically competitive markets.

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Definitions:

Sleep Cycle

A progression through several stages of NREM and REM sleep, repeating several times throughout a typical night's rest.

Sleepwalks

The act of walking or performing other complex behaviors while in a state of sleep.

Stage

A specific phase or period in a process of development or a sequence of events.

Delta Waves

Slow brain waves typically associated with deep sleep and certain states of brain activity, indicative of restorative processes during sleep.