Interstate Coffee Brokers,Inc

question 5

Multiple Choice

Interstate Coffee Brokers,Inc.(ICBI) ,offers to sell Java Roasters,Inc.,fifty bags of coffee beans.Java rejects the offer.The offer is

• A)terminated.
• B)valid for a reasonable time to give Java a "second chance."
• C)valid for the period of time prescribed by a state statute.
• D)valid until ICBI revokes the offer.

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Definitions:

Market Price

The actual selling price of a good or service in the marketplace, determined by supply and demand dynamics at any given time.

Rent Controls

Government-imposed maximums on the rent that landlords can charge tenants.

Price Ceiling

A legally imposed maximum price on a good or service, usually set below the equilibrium price to keep the goods affordable for consumers.

Equilibrium Price

The cost at which the amount of a product or service being sought matches the amount available, resulting in a stable market.