Examlex

Solved

The Factors Stemming from Competition Determine the Exact Price Each

question 51

True/False

The factors stemming from competition determine the exact price each firm will quote.That is,when faced with the realities of competition,the price any specific firm will quote will be governed largely by its need for business and by what it thinks its competitors will quote,not by costs or profits.


Definitions:

Effective

Achieving a desired or intended result, or coming into force; successfully producing a desired or intended result.

Mirror Image Rule

A principle in contract law that requires the acceptance of an offer to be identical to the offer itself, without any modifications, for a contract to be legally binding.

Modified Version

An altered or adapted version of an original work, product, software, etc., typically to improve functionality, correct errors, or introduce new features.

UCC

A complete codification of laws, the Uniform Commercial Code oversees every commercial activity in the United States.

Related Questions