If People Have Never Implemented an Idea That You Believe

question 112

Multiple Choice

If people have never implemented an idea that you believe offers substantial opportunity:

• A) you should seek a low interest loan immediately in order to launch your product.
• B) you should conclude people are irrational.
• C) your evaluation might be missing something and you should carefully revisit the first three economists' questions.
• D) you should conclude that you are being irrational.

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Definitions:

Enforceable Contract

A legally binding agreement that can be upheld in court and compels parties to fulfill their contractual obligations.

Output Contract

A legal agreement in which a buyer agrees to purchase all of a producer's production.

Entire Output

The entire output contract is a commercial agreement in which a buyer agrees to purchase all of a seller's production of a specific good or service.

Intent Of The Parties

The actual and mutual intention of all parties involved in a contract or agreement, determined from their actions and words.