Ray Promises to Give Steve His IPhone in Exchange for Steve's

question 33

Multiple Choice

Ray promises to give Steve his iPhone in exchange for Steve's promise to pay Ray $200. Later, they exchange the iPhone for the funds. A contract was created when

• A) Ray offered to sell his iPhone.
• B) Ray exchanged his iPhone for $200.
• C) Steve promised to pay Ray for the iPhone.
• D) Steve paid Ray $200 for the iPhone.

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Definitions:

Nondiscriminating

Nondiscriminating implies an equal treatment or consideration without bias toward race, gender, age, or other differentiating characteristics.

Prefabricated Garages

Buildings for storing vehicles that are manufactured off-site in advance, usually in standard sections that can be easily shipped and assembled.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider in different markets or to different buyers.