If an Offeror Receives Something of Value in Return for a Promise

question 14

Multiple Choice

If an offeror receives something of value in return for a promise to hold the offer open, it is said to be a(n) , and this type of offer cannot be revoked.

• A)option
• B)counteroffer
• C)invitation to make an offer
• D)definite offer

Understand the impact of extensive customization on the benefits of global trade.

Grasp the concept and significance of economic communities in global trade.

Analyze the advantages and disadvantages of standardization versus adaptation strategies in international markets.

Know the key environmental factors that influence consumer purchase ability and behavior.

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium is not achievable or not achieved in a market.

Subsidy

A financial contribution granted by the government or a public body to support businesses or consumers, making goods or services more affordable.

Manure

Organic matter, mainly derived from animal feces, used as fertilizer in agriculture.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.