If the Offeree Does Not Accept the Offer, After a Reasonable

question 257

Multiple Choice

If the offeree does not accept the offer, after a reasonable length of time the offer may terminate through:

• A) lack of time
• B) lapse of time
• C) excess of time
• D) extension of time
• E) loss of time

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Definitions:

Demand Schedule

A chart displaying the amounts of a product or service that buyers are ready and capable of purchasing at different price levels.

Relatively Inelastic

Describes a situation where the quantity demanded or supplied changes by a smaller percentage than the percentage change in price.

Demand Schedule

A demand schedule is a table that lists the quantity of a good that consumers are willing and able to purchase at various prices over a specific period.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.