Provision was made for squatters' rights in the 1785 Northwest Ordinance

Which of the following is true about specific performance?

a. It is an amount paid by a breaching party to the suffering party to cover the latter's loss. b. It arises in situations which involve written promises. c. It is usually ordered by the court when the economic value of the transaction is difficult to quantify. d. It is common in case of contracts having a negative influence on the society as a whole.

Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?

a. oligopoly b. perfect competition c. pure monopoly d. monopolistic competition