If the demand for salmon in Cape Breton Nova Scotia is unit elastic, the price elasticity of demand for salmon equals:

Maxine offered to sell her video camera to Tom for $200 and also stated to Tom, "I will give you two weeks to accept my offer." One week later Tom learned that Maxine had sold the video camera to Cindy. In this case:

a. Maxine has revoked her offer to Tom. b. Maxine's offer is a firm offer and she must sell Tom a video camera for $200. c. Maxine must get the camera back from Cindy if Tom accepts within two weeks. d. an option contract was created, so Maxine is liable to Tom if she sells the camera to someone else within the two-week period.

Whether the seller is a merchant or a nonmerchant and if no shipment or delivery is required by the seller, risk of loss passes when the buyer actually takes possession of the goods

Indicate whether the statement is true or false