A Contract Is Created When ________

question 29

Multiple Choice

A contract is created when ________.

• A) the acceptance has been received by the offeror
• B) an acknowledgement is sent by the offeror to the offeree of receiving an acceptance
• C) the offeree dispatches the acceptance
• D) a written acceptance has been passed between the offeror and the offeree

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Definitions:

Marginal Cost

The advancement in overall fees incurred by producing an extra unit of a good or service.

Market Demand Curve

A graphical representation that shows the quantity of goods that consumers in a market are willing to buy at different prices.

Herfindahl-Hirschman Index (HHI)

A measure of market concentration that is calculated by squaring the market share of each firm competing in a market and then summing the squares.

Unconcentrated

Refers to a market or industry where no single entity has a large market share, leading to a high level of competition.