Which of the Following Is True Regarding the Termination of an Offer

question 73

Multiple Choice

Which of the following is true regarding the termination of an offer based on a rejection?

• A) Regardless of how long an offeror states that an offer will be held open, once the offeree rejects it, the offer is terminated.
• B) Even on rejection, an offer is not terminated until the expiration of the time period for which it was originally to remain open.
• C) An offer must remain open for at least two days before it is terminated following a rejection by an offeree.
• D) An offer must remain open for at least three days before it is terminated following a rejection by an offeree.
• E) An offer must remain open for at least one day before it is terminated following a rejection by an offeree.

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Definitions:

Monopoly

A market structure characterized by a single seller who has exclusive control over the supply of a particular good or service, making them the sole provider.

Marginal Cost

The cost incurred by producing one additional unit of a good or service.

Demand Schedule

A spreadsheet illustrating how much of a good or service consumers are interested in and can afford to buy at various price points.

Marginal Cost

The increment in total financial outlay associated with generating one more unit of a product or service.