A Firm Offer by a Merchant May Be Oral

question 11

True/False

A firm offer by a merchant may be oral.

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Definitions:

Marginal Cost

The increase in cost resulting from the production of an extra unit of a product or service.

Markup

The difference between the cost of a product or service and its selling price, expressed as a percentage of the cost.

Marginal Cost

The additional total expense incurred from producing one more unit of a product or service.

Free Entry

A market condition where firms can freely enter or exit the industry without facing significant barriers to entry.