On 2 May, Maisarah wrote to Ramlah offering to sell her a female Bengal cat and requiring an answer through post. The letter was misdirected and Ramlah only received Maisarah’s letter on 5 May. Ramlah posted her acceptance on the same day, but it only reached Maisarah on 9 May. Meanwhile, on 8 May, Maisarah, not having received an answer by 7 May as she had expected, sold the cat to someone else. Maisarah argued that there could not be a binding contract unless she actually received Ramlah’s acceptance letter. Until that happens, she is free to sell the cat to another buyer. Advise Ramlah, whether there was a valid contract between her and Maisarah.

In general, as long as the number of firms that possess a particular valuable resource or capability is less than the number of firms needed to generate perfect competition dynamics in an industry, that resource or capability can be considered and a potential source of competitive advantage.answers: valuablerareinimitableun-substitutable

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

Which of the following is a problem for the production of public goods?