Which of the Following Is True of Price Terms in Dispute

question 2

Multiple Choice

Which of the following is true of price terms in dispute in a contract?

• A) A fixed price term is essential for a binding sales contract.
• B) Price terms cannot be determined at a future date.
• C) No contract is created if price terms are not agreed on.
• D) A contract is void if price terms are omitted.

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Definitions:

Increasing-Cost Industry

An industry in which production costs rise as the industry's output increases, often due to the input costs and resource limitations.

Increasing-Cost Industry

An industry in which the costs of production increase as the output expands, usually due to factors like shortages of resources or increased prices of inputs.

Increasing Returns

A situation in economics where an increase in the scale of production leads to a greater than proportional increase in output, often resulting in economies of scale.