The ________ Is the Instrument Normally Used to Actually Effect

question 61

Multiple Choice

The ________ is the instrument normally used to actually effect payment in international commerce.

• A) banker's acceptance
• B) bill of exchange
• C) bill of lading
• D) letter of credit

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Definitions:

Purely Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to price-taking behavior.

Economic Profits

The outcome of subtracting all varieties of costs, including direct and indirect, from overall sales.

Consumer Demand

The desire and willingness of consumers to purchase goods and services at given prices.

Economic Profits

The divergence in a company's overall sales versus its combined expenses, spanning both acknowledged and hidden costs.