Under the Mailbox Rule, a Valid Contract Is Formed If

question 88

True/False

Under the mailbox rule, a valid contract is formed if a rejection is dispatched, but before the rejection is received, the acceptance has already been mailed (sent) to the offeror.

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Definitions:

Specialization

The process of focusing effort and resources on a limited number of activities, goods, or services to gain a comparative advantage in production.

Decreasing Returns To Scale

Long-run average total cost increases as output increases (also known as diseconomies of scale).

Economies Of Scale

The cost advantages that enterprises obtain due to their scale of operation, typically resulting in cost per unit of output decreasing with increasing scale.

Diminishing Returns

A principle stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.