Which of the Following Basic Requirements Must Be Met,for an Offer

question 35

Multiple Choice

Which of the following basic requirements must be met,for an offer to sell goods to be a firm offer?

• A)It must contain assurances that it'll be revocable.
• B)The offeror must be a merchant.
• C)It must have been made orally.
• D)It is revocable for the period of time stated in the offer.

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or offer a service at a lower opportunity cost than its competitors, leading to more efficient international trade.

Domestic Opportunity Cost

The cost of forgoing the next best alternative use of resources within a particular country when choosing one economic action over others.

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than others.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.