Drew is leasing his apartment from Reggie. The lease is for one year and they have agreed on all areas of the contract. The lease is in written form, and Reggie is the only party that has signed. Without Drew's signature, is the lease now invalid?

The firm has no control over its price because all firms are price takers. In this situation, even though the firm advertises its product successfully, it still can not decide how high it wants to set it, the market will determine the price and the demand of the product will determine how much or how little the price changes.