Bob in Burnaby Called Ed in Toronto and Offered to Sell

question 96

Multiple Choice

Bob in Burnaby called Ed in Toronto and offered to sell him 40 kilograms of smoked salmon at $15 per kilogram. He requested that Ed phone him back by noon the next day. That way, Bob could offer it to someone else if Ed wasn't interested. Instead of phoning, Ed sent a letter of acceptance, in which he said that he would have his agent pick up the fish. On these facts, which of the following is false?

• A) If using the mail was unreasonable, the acceptance could not be effective until it was received.
• B) If using the mail was unreasonable, the acceptance was effective when it was mailed.
• C) The place of formation of the contract, if there was one, was Burnaby if the use of the mails was unreasonable.
• D) The place of formation of the contract, if there was one, was Toronto if the use of the mails was reasonable.
• E) Although a response by phone was requested, a response by mail would be effective if received before noon the next day.

Appreciate the role of statistical measures, including standard deviation and correlation coefficients, in interpreting data.

Understand the significance of sample size and randomness in achieving representative samples.

Grasp the concept of operational definitions in scientific research.

Recognize the importance of falsifiability and replicability in the scientific theory and empirical research.

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Definitions:

Economic Rent

Any payment to a resource provider or seller of output in excess of the economic cost (opportunity cost) of providing that resource or output.

Economic Rent

The extra income earned by a resource over and above its opportunity cost, often due to natural advantages or market conditions.

Inelastic Demand Curve

Represents a situation where the demand for a product changes by a smaller percentage than changes in its price, indicating consumers' insensitivity to price changes.