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1. Kelly tells Jimmy she will pay him $1,000 if he builds a shed in her backyard. Kelly is a(n)
offeree.
offeror.
promisee.
contractor.
2. When Jeff's car breaks down, he asks Insta-Tow, Inc., to tow it to Huey's Repair Shop. There is no discussion of a price, and Jeff and Insta-Tow do not sign any documents. Later, Insta-Tow sends Jeff a bill. With respect to Jeff's obligation to pay the bill, this is
an express contract.
an implied contract.
an implied-in-law contract.
no contract.
3. Livewire Company and McCoy's Candy, Inc., sign a document that states Livewire agrees to design a Web page for McCoy's, which agrees to pay for the service. This is
an actual contract.
a fictional contract.
a quasi contract.
Suppose you contribute $10 per week ($520 per year) into an interest-bearing account that earns 6% a year (compounded once per year). That’s probably one less pizza per week! But if you contribute faithfully each week into this account, how much mone..
Which of the following statements concerning the long-run average cost curve of economic theory is (are) not true?
Should the firm increase capital and decrease labor or the other way around? When should the firm stop replacing one input for the other? Explain.
q.the deepwater horizon exploded on april 20 2010 after drilling bps exploratory well in 5000 feet of water offshore
1. In which of the following situations is the Coase theorem likely to apply? Explain.
When free trade increases market competition, what happens to the ability of a firm to set high prices? What about when trade restrictions are imposed?
Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a Quasi-Linear utility function. Calculate the MRS for this consumer for gene..
Anticipate how technology will transform business in the future. Give specific examples to support your response.
Which of the following is an example of an explicit income transfer?
Yesterday Bank A had no excuses reserves. Today it received a new deposit of $4,000. if the bank maintains a reserve requirement of 2 percent, what is the maximum loam that Bank A can make? What is the maximum amount by which the money supply can be ..
______ signals that a downturn is coming, and is a condition to be expected at the peak of the business cycle.
Output is y=(x1^1/2)*x2. The total cost equation is c=3x1+2x2 where w1=3 and w2=2. At the price of the output is p=6 what is the profit maximizing level of x2?
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