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Discussion Question
Secure Courier, Inc., has a requirements contract with Petro Distribution Corporation that obligates Petro to supply Secure with all the gasoline it needs for its delivery vehicles for one year at $2.30 per gallon. A clause inserted in small print in the contract by Secure, and not noticed by Petro, states, "The buyer reserves the right to reject any shipment for any reason without liability." For six months, Secure orders and Petro delivers under the contract without any controversy. Then, because of a war in the Middle East, the price of gasoline to Petro increases substantially. Petro tells Secure it cannot possibly fulfill their contract unless Secure agrees to pay $2.50 per gallon. Secure, in need of the gasoline, agrees in writing to modify the contract. Later that month, Secure learns it can buy gasoline at $2.40 per gallon from Refined Oil Company. Secure refuses delivery of its most recent order from Petro, claiming, first that the contract allows it to do so without liability, and second, that it is required to pay only $2.30 per gallon if it accepts the delivery. Discuss Secure's contentions.
Rule Based Monetary Policy: Below draw an AD/AS graph and a money market graph side-by-side. For the money market, use an upward sloping money supply curve and assume that the equilibrium interest rate in the money market is 5%.
In the short run, a firm operating in a competitive industry will shut down if price is less than average total cost, less than average variable cost.
What are then some of the difficulties facing successful innovation?
Recalculate the free trade equilibrium and the effects of a 0.5 speci?c tariff by Home. Relate the difference in results to the discussion of the small country case in the text.
Describe the three types of unemployment. What types of government programs would be most effective in combating each type of unemployment?
In dealing with air pollution, the complexities of measuring, monitoring, and enforcing pollution limits makes setting limits or imposing fees ________.
jennifer trucking company operates a large rig transportation business in texas that transports locally grown
What was the rate of inflation for the month? How does that rate of inflation compare with the rate in the previous month?
Calculate the premerger Herfindahl-Hirschman index (HHI) for this market and suppose that any two of these firms merge. What is the post merger HHI?
How does an increase in the currency-deposit ratio affect the money multiplier? What is the effect of an increase in the reserve-deposit ratio? Explain the direction of changes in both cases in terms of bank balance sheets and the ability of banks to..
Describe how if at all each of the following events effects the location of a country’s production possibilities curve
what are the limits to the u.s. long-term economic growth? is there anything that our government can do to address
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