Fact Pattern 15-2 Lewis, an Employee of Silos, Inc., Makes a Substantial Mathematical

question 11

Multiple Choice

Fact Pattern 15-2
Lewis, an employee of Silos, Inc., makes a substantial mathematical error in totaling the estimated costs for a project for which AgriCo-op is seeking bids. Consequently, Silos's bid is significantly low.
-Refer to Fact Pattern 15-2. Any contract with AgriCo-op that includes the mistake may be rescinded

• A) ​if AgriCo-op knew or should have known of the mistake.
• B) ​if Lewis's supervisor did not know of the mistake.
• C) ​if Silos knew or should have known of the mistake.
• D) ​under no circumstances.

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Definitions:

Virtually Unlimited

A term used to describe a resource or supply that is so abundant it appears to be almost without limit.

Scarcity and Choice

Refers to the fundamental economic problem of having unlimited human wants in a world of limited resources, leading to the necessity of making choices on how to allocate resources efficiently.

Economic Decision

A choice made by individuals, businesses, or governments that involves the allocation of resources, considering the costs and benefits to optimize outcomes.

Surpluses and Shortages

Conditions where the quantity of a good or service exceeds or falls short of the quantity demanded at a given price.