If a Contract for the Sale of Goods Omits the Price

question 9

Multiple Choice

If a contract for the sale of goods omits the price to be paid, the: ______.

• A) contract is void because it is too indefinite to be enforced.
• B) buyer is required to pay a reasonable price for the goods.
• C) buyer can pay whatever price the buyer in good faith believes is a proper price.
• D) seller can rightfully charge whatever price the seller in good faith believes is a proper price.

Identify the condition under which a firm should continue to operate or shut down in the short run based on price and cost analysis.

Understand the role of marginal cost in determining a perfectly competitive firm's short-run supply curve.

Recognize the short-run economic outcomes for a firm in a perfectly competitive market, including earning zero economic profit, making a loss, or earning a profit.

Understand the components and responses of the stress system, including physical, emotional, cognitive, and psychological reactions.

---

Definitions:

Psychological Concept

A theoretical idea or principle that is related to the mind or behavior, used to explain aspects of human cognition, emotion, or social interaction.

Employee Involvement

An organizational strategy that ensures employees are engaged and have a say in the decision-making process, enhancing motivation and job satisfaction.

Empowerment

The process of giving employees autonomy, resources, and encouragement to make decisions and solve problems on their own.

Job Enrichment

Refers to designing or modifying jobs to include a greater range of tasks and responsibilities, which can increase job satisfaction and performance by making work more meaningful.