Termed the written statement which expresses the intention of undersigned to enter into a formal agreement ?
Correct answer: A. Letter of intent
- A. Letter of intent
- B. Letter of Credit
- C. Letter of Expression
- D. Papers of Landing
Explanation
A letter of intent is a written statement showing that the parties intend to enter into a later formal agreement. A letter of credit is a bank payment instrument used in trade, not a preliminary expression of agreement.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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