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If the price elasticity of supply is 1.2,and price increased by 5%,quantity supplied would
Contract
A binding pact between parties that has legal force and can be upheld in court.
Accept
To agree to receive or undertake something offered.
Offer
A proposal by one party to another to enter into a legal agreement, constituting one of the essential elements of a contract.
Counteroffer
A response to an offer in a negotiation, where the original offer is rejected and replaced with a new proposal.
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