Beta Grocers Orders by Phone Twenty Cartons of Canned Beets

question 13

Multiple Choice

Beta Grocers orders by phone twenty cartons of canned beets from Carotene Food Packers,Inc.After ten cartons are delivered and accepted,Beta repudiates the contract.Carotene can enforce the contract to

• A)any extent because the order was placed orally.
• B)no extent because the order was placed orally.
• C)the extent of the ten accepted cartons.
• D)the extent of the twenty ordered cartons.

---

Definitions:

Bertrand Model

An economic model of competition among firms that compete by setting prices simultaneously.

Payoff Matrix

A table that shows the payoffs for each player in a game for every possible combination of actions by the players.

Economic Profits

The financial gain achieved when revenues exceed both explicit and implicit costs.

Oligopoly Model

A market structure characterized by a few firms dominating the market, leading to strategic interactions in pricing and production.