Whitley Ordered 800 Christmas Trees from North Pines Tree Farm

question 44

True/False

Whitley ordered 800 Christmas trees from North Pines Tree Farm to be delivered on November 24. When the trees arrive, the North Pines must accept tender of payment by any means or in any manner current, such as a check, in the ordinary course of business unless North Pines demands cash and allows Whitley a reasonable time within which to obtain it..

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Definitions:

Productive Capacity

The maximum output that an economy can produce without increasing inflation, given its current level of resources.

Equity

Fairness or justice in the way people are treated or the distribution of resources, often distinguished from equality by focusing on needs and outcomes.

Efficiency

The optimal use of resources to achieve the best possible outcome or output without wasting resources.

Market Economy

An economic system in which supply and demand determine the production of goods and services.