Which of the Following Is an Essential Element of a Contract

question 7

Multiple Choice

Which of the following is an essential element of a contract?

• A) A counter offer
• B) Acceptance
• C) Performance
• D) A fair price

Discuss how companies can extend the product life cycle through new product features or applications.

Understand the concept of market development and its execution strategies.

Learn how firms can mitigate risks associated with growth strategies.

Analyze customer retention versus acquisition in the context of growth strategies.

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Definitions:

Economic Decisions

Choices made by individuals, businesses, or governments regarding the allocation of scarce resources to satisfy needs and desires.

Excess Burden

The loss of economic efficiency that occurs when a tax or government policy distorts consumer behavior or market outcomes, leading to a decrease in total welfare.

Tax Revenue

The financial gains obtained by governments from tax collection.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is unachievable.