Except for an Option Contract, a Firm Offer by a Merchant

question 51

True/False

Except for an option contract, a firm offer by a merchant is irrevocable once it has been made.

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Definitions:

Equilibrium

A condition where the supply and demand in the market are equal, leading to stable prices.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a specific period.

Quantity Demanded

The entirety of a product or service that buyers are ready and capable of buying at a particular price point.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price during a specified period.