According to the Mirror Image Rule,______

question 22

Multiple Choice

According to the mirror image rule,______.

• A) the acceptance must exactly match the offer
• B) a contract must be accepted in writing by both the parties involved to make it enforceable in the court of law
• C) the acceptance of an offer involves changing the terms of the offer or adding new terms
• D) one of the parties to a contract should be a minor
• E) there has to be at least two or more counteroffers to bind a contract

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Definitions:

Monopolistic

Describing a market structure where there is only one or a few sellers, each offering a unique product.

Industry Structure

The organization of and relationships between companies within a particular sector, characterized by aspects such as competition, product differentiation, and market size.

Oligopoly

A market structure characterized by a small number of firms whose decisions about pricing and output affect each other.

Market Price

The price at which a good or service is currently traded in the market, determined by supply and demand.