Bob Contracts to Sell Ben 20 Bales of Hay

question 48

Multiple Choice

Bob contracts to sell Ben 20 bales of hay.A bale is the accepted commercial unit in hay transactions.Ben accepts only 9 1/5 of the 20 bales.Under the UCC,Ben is considered to have accepted:

• A)all 20 bales.
• B)10 bales.
• C)9 bales.
• D)nothing.

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Definitions:

Technological Advance

The introduction of new technologies or the improvement of existing technologies, enhancing productivity and possibly leading to economic growth.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more appealing to a particular target market.

Oligopoly Model

An economic model describing a market structure where a few firms dominate, often leading to pricing and output decisions that consider competitors' actions.

Allocative Efficiency

A state of resource allocation where resources are distributed according to consumer preferences, often considered an optimal distribution of goods and services.