Which of the Following Is an Example of an Irrevocable

question 23

Multiple Choice

Which of the following is an example of an irrevocable offer?

• A) counteroffer
• B) gift promise
• C) option contract
• D) accommodation

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Definitions:

Coerce Behavior

To compel or force someone to act in a certain way through pressure or threats.

Economic Efficiency

The optimal distribution of resources in society, taking into account all benefits and costs.

Government Failures

Occur when government intervention in the economy leads to inefficiencies, misallocation of resources, or negative outcomes contrary to the intended goals.

Market Failures

Situations where the allocation of goods and services by a free market is not efficient, often justifying government intervention.