A Devise Is a Gift by Will of Personal Property

question 51

True/False

A devise is a gift by will of personal property.

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Definitions:

Consumer Surplus

The variance between the aggregate amount consumers can and will offer for a good or service compared to the aggregate amount they actually pay.

Price Floor

A government-imposed limit on how low a price can be charged for a product or service.

Price Floors

A government- or authority-imposed minimum price that can be charged for a commodity, which is typically set above the equilibrium price to protect producers.

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service, and what they end up spending.