When, Generally Speaking, Is a Revocation Effective

question 4

Multiple Choice

When, generally speaking, is a revocation effective?

• A) When it is mailed by the offeror.
• B) When it is received by the offeree.
• C) Immediately upon the offeror's decision to revoke.
• D) Within 24 hours of the offer being made.
• E) Whenever the offeror decides not to accept the offer.

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Definitions:

Adjustments

Modifications made to accounts, budgets, or economic models to reflect changes in assumptions or economic conditions.

Monopolistic Competition

A reiteration with emphasis on a market setting where firms sell differentiated products, allowing each to have some degree of market power, facing a downward-sloping demand curve.

Short-Run Equilibrium

A state in a market where supply equals demand, but only considering a period in which some factors, like production capacity, remain constant.

Constant-Cost Industry

An industry in which the entry and exit of firms have no effect on the prices firms in the industry must pay for resources and thus no effect on production costs.