Under ________,A Promise That Induces Another Party to Act Can

question 144

Multiple Choice

Under ________,a promise that induces another party to act can be enforceable without consideration if the promisee substantially and justifiably relies on the promise.

• A)Promissory estoppel
• B)Promissory contract
• C)Mailbox rule
• D)Optimal contract

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Definitions:

Profit-Maximizing Monopolist

A monopolistic firm that seeks to maximize its profits by adjusting output or prices, considering its unique market power without competition.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Monopolist

An individual or company that possesses exclusive control over the supply or trade of a commodity or service.

Unregulated Monopolist

A monopoly that operates without government regulation, potentially leading to unfair pricing and poor service.