Вопрос № 800728 - Английский язык

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Competition and Market Conditions
1. Competition is the economic rivalry that occurs among businesses when producers in a given industry attempt to gain a larger share of the market. Economists use the term «market structure» to describe how competitive specific industries are. Perfect competition and pure monopoly are the opposite extremes of the market structure continuum.
2. Perfect competition has many sellers of the same product, while pure monopoly has only one. Perfect competition exists when there are many buyers and sellers, none of whom control prices. In contrast, pure monopoly exists when a single firm controls the total production or sale of a good or service.
3. The most competitive type of industry is that with perfect competition. Four conditions must be present in the market structure for perfect competition to exist.
First: a particular good or service must have many sellers and buyers available. In addition, each seller must account for just a small share of the overall sales in the market. The goal of these sellers is to attract enough buyers to their businesses to earn a profit.
Second: the good or service offered by one competing firm must be similar or identical to those offered by other firms. In such a situation, buyers may choose freely from the selection.
Third: buyers must have easy access to information on the products and prices available. This information allows buyers to make intelligent choices about which goods to purchase based on price and quality.
Fourth: entrance to and exit from the industry must be relatively easy and inexpensive. In a purely competitive market structure, firms can easily enter a profitable industry or leave an unprofitable one.
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Buyers have the real opportunity to choose which goods to purchase in the industry with …

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Competition and Market Conditions
1. Competition is the economic rivalry that occurs among businesses when producers in a given industry attempt to gain a larger share of the market. Economists use the term «market structure» to describe how competitive specific industries are. Perfect competition and pure monopoly are the opposite extremes of the market structure continuum.
2. Perfect competition has many sellers of the same product, while pure monopoly has only one. Perfect competition exists when there are many buyers and sellers, none of whom control prices. In contrast, pure monopoly exists when a single firm controls the total production or sale of a good or service.
3. The most competitive type of industry is that with perfect competition. Four conditions must be present in the market structure for perfect competition to exist.
First: a particular good or service must have many sellers and buyers available. In addition, each seller must account for just a small share of the overall sales in the market. The goal of these sellers is to attract enough buyers to their businesses to earn a profit.
Second: the good or service offered by one competing firm must be similar or identical to those offered by other firms. In such a situation, buyers may choose freely from the selection.
Third: buyers must have easy access to information on the products and prices available. This information allows buyers to make intelligent choices about which goods to purchase based on price and quality.
Fourth: entrance to and exit from the industry must be relatively easy and inexpensive. In a purely competitive market structure, firms can easily enter a profitable industry or leave an unprofitable one.
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What is the goal of a company in purely competitive market structure?

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A person cannot accept an offer without knowing about it. That is because any action taken would not have been a response to the offer. Thus, an offer of a reward that is made to certain persons or even to the general public cannot be accepted by someone who has never seen or heard of the offer. In such cases, the offerer may get what was sought, but most courts require that anyone who claims the prize must have known of the offer and acted in response to it when performing the requested act.
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What are the requirements of an offer?

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Once made, an offer does not last forever. If it is not accepted, it ends without any contract arising:
1. at a prescribed time, if so stated in the offer,
2. at the end of a reasonable length of time if the offer does not state how long it will remain open,
3. by rejection of the offer by the offeree,
4. if the offeree makes a counteroffer,
5. if it is revoked (withdrawn) or modified by the offerer before the offeree accepts, or
6. by the death or insanity of the offerer or offeree.
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Does an offer last forever?

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Generally an offeree who accepts an offer must accept it exactly as made. If the offeree changes the offerer’s terms in any important way, the result is a counteroffer. In making a counteroffer the offeree says in legal effect, “I refuse your offer, here is my counteroffer”. Thus, a counteroffer not only terminates the original offer, but also immediately becomes a new offer. The original offer cannot be accepted by the offeree after a counteroffer has been made unless the original offer is renewed by the offerer.
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What is a counteroffer?

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Generally an offerer is not obliged to keep an offer open for a specified time even if such a promise is made. The offeree is given nothing in exchange for the promise. However, if the offeree gives the offerer something of value in return for a promise to keep the offer open, this underlying agreement itself is a binding contract. It is called an option. The offer may not be withdrawn during the period of the option.
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Is an offerer obliged to keep an offer open for a specified time?