Figure 10-7 ​

question 98

Multiple Choice

Figure 10-7
​
-In Figure 10-7, output at which point represents short-run but not long-run equilibrium?

• A)A only
• B)B only
• C)Both A and B
• D)Both B and C

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Definitions:

Unilateral Contract

A contract type where only one party makes a promise in exchange for an act by the other party.

Subject Matter Illegal

Pertaining to contracts or agreements where the subject or purpose violates the law or public policy and is therefore unenforceable.

Valid Acceptance

Occurs when an offeree unequivocally agrees to the terms of an offer, thus forming a contract with clear and mutual terms.

Valid Offer

A proposal made by one party to another intended to create a legally binding agreement, provided it is accepted.