A Toy Merchant's Display of a Doll House in a Store

question 17

Multiple Choice

A toy merchant's display of a doll house in a store window for $100 constitutes:

• A)a firm offer on the part of the merchant to sell the doll house.
• B)a binding contract between the merchant and the public.
• C)an invitation to the public to make an offer for the doll house.
• D)A quasi-contract between the merchant and the public.

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Definitions:

Secondary Level Price Discrimination

A pricing strategy where prices are varied based on some attribute of the purchaser or the purchase context, not directly on production costs or primary market segments.

Competitive Injury

Harm or damage inflicted on a business's competitive position, often through unfair practices by competitors.

Section 7 of the Clayton Act

A provision in U.S. antitrust law that prohibits mergers and acquisitions where the effect may be substantially to lessen competition, or tend to create a monopoly.

Competition

The rivalry among businesses to attract customers and achieve higher sales, profits, and market share.