An order or other offer to buy goods which requires prompt or current shipment may be accepted by: a prompt shipment of conforming goods a prompt shipment of nonconforming goods a prompt promise to ship the goods a prompt shipment of conforming goods, a prompt shipment of nonconforming goods, or a prompt promise to ship the goods a prompt shipment of conforming goods or a prompt shipment of nonconforming goods only
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An order or other offer to buy goods which requires prompt or current shipment may be accepted by:
a prompt shipment of conforming goods
a prompt shipment of nonconforming goods
a prompt promise to ship the goods
a prompt shipment of conforming goods, a prompt shipment of nonconforming goods, or a prompt promise to ship the goods
a prompt shipment of conforming goods or a prompt shipment of nonconforming goods only
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- Cross price effect occurs in case of Substitute goods only True/FalseThe inability of buyers to distinguish between high and low quality products before they purchase them can result in: A. Sellers with low quality products receiving lower prices than they otherwise would B. Sellers with high quality products receive higher prices than they otherwise would C. Excess supply in the product market D. Some sellers with high quality products tending to stay out of the market E. (A), (B), and (D)The table below shows the market for AA batteries in Tulsa, Oklahoma, when tornadoes threaten the area. Market for AA Batteries with Tornado Threat Quantity of Quantity of Batteries Batteries Demanded Supplied (packages) 100 80 60 40 20 Price (dollars) $15 13 9 7 5 (packages) 40 50 60 70 80 90 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- For each of the statements below, select the option that best describes what would happen to the equilibrium price and quantity in the market (noted in italics). Price up, quantity down e. Price down, quantity uncertain Price up, quantity up f. Price up, quantity uncertain Price down, quantity down g. Price uncertain, quantity up Price down, quantity up h. Price uncertain, quantity down ____ 1. Banana consumers experience a decrease in their income (assume bananas are an inferior good). ____ 2. Shoe manufacturers experience an increase in the price of raw materials such as leather and rubber. ____ 3. U.S. consumers of jelly (to make PB&J sandwiches) witness an increase in the price of peanut butter caused by an increase in supply. ____ 4. Consumer enthusiasm for vacations increases air travel at the same time jet fuel costs are…_______________ refers to the willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period whereas __________________ refers to a specific number of units buyers want to buy at a specific price.A website offers a place for people to buy and sell emeralds, but information about emeralds can be quite imperfect. The website then enacts a rule that all sellers in the market must pay for two independent examinations of their emerald, which are available to the customer for inspection. a. How would you expect this improved information to affect demand for emeralds on this website? b. How would you expect this improved information to affect the quantity of high-quality emeralds sold on the website?
- The price of one unit of an item or amount is called unit price. Group of answer choices True FalseAny consumer trying to decide whether to buy a given good or service will base the decision on his or her reservation price and the existing market price.When making this decision, the buyer's reservation price measures the marginal cost: the cost of production. marginal benefit: the value of the resources used in production. marginal benefit: the highest price that a buyer is willing to pay for a product. marginal cost: the lowest amount the buyer is willing to pay for a product. The market price measures the marginal cost: the amount that buyer will actually have to pay. marginal benefit: the value of the resources used in production. marginal cost: the cost of production. marginal cost: what the buyer is willing to pay. The consumer will purchase the good or service only if the buyer's reservation price is equal to or higher than the market price. lower than the market price. higher than the market price. equal to the market…What is meant by a product that is a “Close Substitute” for another product? A) The product is generally purchased in combination with the other product B) Another product that provides value similar to the product being observed C) Another product provides a completely different value to the consumer D) None of the above
- The impact on demand, supply, prices and quantity. In the market for airline tickects, airline cariers have drastically cut fares forinternational air travel resulting in 3% increase in ticket sales. Meanwhile, recent health considerations due to COVID 19 has caused 11% in reduction in overseas travel.If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and $35,000 worth of it when its price is $10, then Multiple Choice the demand for the product is inelastic in the $10-$8 price range. the demand for the product must have increased. elasticity of demand is 1.67. the demand for the product is elastic in the $10-$8 price range.If the supply schedule for tin is relatively inelastic to price changes , a decrease in the demand schedule for tin-will cause a: a) Increase in price and a increase in sales revenue. b)Increase in price and decrease in sales revenue. c)Decrease in price and increase in sales revenue. d) Decrease in price and a decrease in sales revenue.