Lucy and zehmer met while having drinks in a restaurant. during the course of their conversation, lucy apparently offered to buy zehmer's 471.6-acre farm for $50,000 cash. although zehmer claims that he thought the offer was made in jest, he wrote the following on the back of a pad: “we hereby agree to sell to w. o. lucy the ferguson farm complete for $50,000, title satisfactory to buyer.” zehmer then signed the writing and induced his wife ida to do the same. she claims, however, that she signed only after zehmer assured her that it was only a joke. finally, zehmer claims that he was “high as a georgia pine” at the time but admits that he was not too drunk to make a valid contract. explain whether the contract is enforceable.

Which of the following actions is most likely to result in a decrease in the money supply? a. the required reserve ratio for banks is decreased. b. the discount rate on overnight loans is lowered. c. the federal reserve bank buys treasury bonds. d. the government sells a new batch of treasury bonds. 2b2t

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

T-comm makes a variety of products. it is organized in two divisions, north and south. the managers for each division are paid, in part, based on the financial performance of their divisions. the south division normally sells to outside customers but, on occasion, also sells to the north division. when it does, corporate policy states that the price must be cost plus 20 percent to ensure a "fair" return to the selling division. south received an order from north for 300 units. south's planned output for the year had been 1,200 units before north's order. south's capacity is 1,500 units per year. the costs for producing those 1,200 units follow