Final answer:
A price list is not an offer but an invitation to treat, signaling a willingness to negotiate or engage in a sale. Only when a customer responds with an intent to purchase do these listed prices transform into potential offers, which the seller can then accept.
Step-by-step explanation:
The question “A price list is an offer” is addressing a concept in business and law. Considering general business practices, a price list is not necessarily an offer but rather an invitation to treat.
It's an invitation for customers to make an offer to purchase goods or services at the listed prices. It becomes a binding offer only when the customer indicates they want to purchase something at the listed price, and the seller accepts this.
The associated concept of a demand schedule is different; it is a table showing a range of prices for a certain good or service and the quantity demanded at each price. This is more about the relationship between price and demand and is a central concept in economics.