There are 6 requirements for a verbal contract:
An offer. -- they had this
An acceptance. -- the contract was accepted
Competent parties who have the legal capacity to contract. - they both have the right to make this decision
Lawful subject matter. this is not an illegal operation
Mutuality of obligation. Both parties are obligated to do something in this case.
Consideration. if there were discussions of payment, then yes this is a legally enforceable contract.
Answer:
<u>(B) </u>the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
Explanation:
market share refers to :
(B) the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
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Answer:
<h2>The answers in this case would be options A. B. and D.</h2>
Explanation:
- In Microeconomics or Production Economics,economies of scale refers to a phenomenon under which any firm or company is able to reduce or control its per unit cost of production or the average cost of production and increase the overall production or output level simultaneously.
- Natural monopolies can arise due to consistent economies of scale.As any firm or company is able to consistently reduce or control its average cost of production as the production or output level expands,it can obtain a significant competitive or cost advantage in the market over its market counterparts or rivals.Hence,successful and consistent exploitation of economies of scale can eventually give rise to natural monopolies.
- Any monopoly firm or company produces the output level at which the marginal revenue or the additional or incremental revenue obtained from selling one more unit of the output is equal to the additional or incremental cost incurred to produce that 1 more unit of output or the marginal cost.This output level is the profit maximizing output of any monopoly.Therefore,natural monopolies also produce the output level and charge per unit output price which correspond to the equality between marginal revenue and marginal cost of production.
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