If an Offeror Makes an Offer That States "This Offer

question 113

Multiple Choice

If an offeror makes an offer that states "This offer to be open until noon tomorrow," which of the following ends the offer?

• A)an inquiry by the offeree
• B)the insanity of the offeree
• C)revocation of the offer by the offeror before the time specified (i.e.,before "noon tomorrow")
• D)a counter-offer by the offeror
• E)the selling of the item to someone else before noon tomorrow

Understand the concept of utility and its characteristics.

Analyze the impact of governmental policies on consumer behavior and market outcomes.

Explain the principle of diminishing marginal utility and its implications on consumer choices.

Interpret budget line shifts and their implications on consumer equilibrium in graphical analyses.

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Definitions:

Neuroticism

A personality trait characterized by the tendency toward anxiety, moodiness, worry, and other forms of emotional instability.

Openness

One of the Big Five personality traits, characterized by imagination, creativity, and a willingness to experience new things.

Agreeableness

Agreeableness is a personality trait that signifies how cooperative, warm, and kind an individual is towards others.

Behavioral Tendencies

Patterns or propensities in individuals' actions and reactions under certain conditions or stimuli.