You Ask Your Academic Advisor What to Major in Because

question 50

Multiple Choice

You ask your academic advisor what to major in because you are finding it difficult to decide.She suggests psychology.Before you decide to follow her suggestion,it is important to remember that this answer likely reflects her:

• A)training.
• B)education.
• C)perceptions.
• D)personal values.

Understand the basic principles that determine the enforceability of contracts.

Recognize the role of written contracts and the exceptions to the rule that contracts must be in writing to be enforceable.

Identify the essential elements required for a valid contract.

Distinguish between formal and informal contracts.

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Definitions:

Marginal-Cost Curve

A graphical representation depicting how the cost of producing one additional unit of a good varies as the quantity produced changes.

Average-Total-Cost Curve

A curve that shows the average total cost of production at different levels of output, typically U-shaped due to economies and diseconomies of scale.

Average-Total-Cost Curve

A graphical representation showing how the average total cost of producing a good changes as the quantity produced changes.

Average-Fixed-Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.