Which of the Following Is Correct Regarding Betty's Statement That

question 2

Multiple Choice

Which of the following is correct regarding Betty's statement that there was no contract?

• A) Betty is correct. There was no contract because she had not started working.
• B) Betty is incorrect because there was a bilateral, express agreement.
• C) Betty is incorrect because there was a bilateral, implied agreement.
• D) Betty is incorrect because there was a unilateral, express agreement.
• E) Betty is incorrect because there was a unilateral, implied agreement.

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Definitions:

Asymmetric Information

A situation in which one party in a transaction has more or superior information compared to another.

Market Failures

Situations in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Government Intervention

Actions taken by a government to influence or regulate various activities within its economy.

Market Signals

Indicators or information that guide economic decisions by conveying important data about the conditions or trends within a market.