The Price of a Good That Prevails in a World

question 35

Multiple Choice

The price of a good that prevails in a world market is called the

• A)absolute price.
• B)relative price.
• C)comparative price.
• D)world price.

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Definitions:

CISG

The Convention on Contracts for the International Sale of Goods by the United Nations, is a treaty establishing a standardized framework for global trade.

Contractual Obligations

Duties that a party is legally required to perform as specified in a contract, failure of which may lead to legal consequences.

Immediate Delivery

The rapid transfer of goods or securities from seller to buyer without delay.

Sales Commissions

Payments made to salespersons, which are typically a percentage of the sales they generate.