A Draft Due at a Future Date or After a Specified

question 44

Multiple Choice

A draft due at a future date or after a specified period of time that has been signed by the buyer is called:

• A) Sight draft.
• B) Time draft.
• C) Trade acceptance.
• D) All of the above.

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Definitions:

Purely Competitive

Refers to a market structure characterized by a large number of small firms, a homogeneous product, and very easy entry and exit.

Supply Curve

A chart that illustrates the connection between a product's price and the quantity that producers are ready to offer.

Economic Efficiency

A condition in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Market Supply Curve

A graphical representation that shows the quantity of goods that producers are willing and able to sell at various prices over a given period.