If a Contract Is to Be Considered Valid, an Offer

question 26

Multiple Choice

If a contract is to be considered valid, an offer must be __________.

• A) assumed
• B) tacit
• C) communicated
• D) inferred

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Definitions:

Oligopolist

A market participant in an oligopoly, where a small number of firms dominate the industry, influencing prices and market conditions.

Kinked Demand Curve

A theory in economics that suggests that prices in a monopolistic competition scenario may remain stable because competitors will match price decreases but not price increases.

Price

The amount of money expected, required, or given in exchange for something.

Kinked Demand

A demand curve that has a distinct bend or "kink," often used to describe oligopolistic markets where firms face different elasticities for price increases versus price decreases.