Naima Ordered 100 Spools of String from Coltrane Photographic Supplies

question 32

Multiple Choice

Naima ordered 100 spools of string from Coltrane Photographic Supplies.The total contract price was $200 ($20 per spool) .Which of the following statements is TRUE?

• A)If Coltrane delivers 110 spools of string, Naima must accept at least 100 spools.
• B)If Coltrane delivers 90 spools, Naima must accept them, but she only has to pay $180.
• C)If Coltrane delivers 110 spools, Naima can keep them all and is only required to pay the contract price of $200.
• D)If Coltrane delivers 90 spools, Naima can reject them all, even if Coltrane is willing to reduce the contract price to $180.
• E)If Coltrane delivers 110 spools, but charges for only 100 spools, then Naima must accept delivery and pay the price.

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Definitions:

Invisible Hand

A concept introduced by Adam Smith to describe how individuals' pursuit of their own self-interest unintentionally benefits society as a whole.

Government Actions

Measures, policies, or interventions put in place by government entities to influence economic activity, societal welfare, or achieve specific policy objectives.

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services in an economy.

Communism

Communism is a socio-economic system characterized by the absence of private property and the communal ownership of all resources and means of production, aiming for a classless society.