Which of the Following Must Be Present for an Offer

question 27

Multiple Choice

Which of the following must be present for an offer to have a legal effect?

• A) Invitation to offer
• B) Communication of the intention
• C) Invitation to negotiate
• D) Definiteness

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a production factor, holding other factors constant.

Factor X

An unspecified or unknown factor that can influence outcomes in an economic model or analysis.

Production Function

A mathematical model that relates the amount of output produced to the quantities of various inputs or factors of production.

Isoquant

A curve that represents all combinations of inputs that produce the same level of output in production theory.