X and Y Have a Contract,which Obligated X to Sell

question 45

Multiple Choice

X and Y have a contract,which obligated X to sell Y 100 boxes of screws for $100.The parties orally modify the contract so that X will sell Y the same 100 boxes of screws for $125.The second agreement is:

• A)binding because it is due to unforeseeable situation.
• B)binding by virtue of being mutually agreed on.
• C)not binding because it is an outputs contract.
• D)not binding due to the promise of performing a preexisting legal obligation.

Explain the principles behind the frustration-aggression theory.

Understand the concept of the "other-race effect" and its implications for social interactions.

Grasp the significance of physiological and neurological factors in contributing to aggressive tendencies.

Differentiate between learned responses and instinctive behaviors in the context of aggression.

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Definitions:

Elastic

Describes a condition in economics where the demand or supply for a product is sensitive to changes in price, leading to significant changes in quantity demanded or supplied.

Herfindahl Index

A measure of market concentration, determining the competitiveness of an industry based on the sum of the squares of the market shares of all firms within it.

Product Differentiation

The strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Herfindahl Index

A measure of market concentration that squares the market share of each firm competing in the market and sums the resulting numbers, used to assess the competitiveness of a market.