According to the Code,identification Takes Place

question 12

Multiple Choice

According to the Code,identification takes place:

• A) upon the making of a contract if it is for future goods.
• B) when the seller ships,marks,or otherwise designates the goods as those to which the contract refers if the contract is for goods that are already existing and identified.
• C) when the crops are planted or start growing if the contract is for crops to be grown within twelve months.
• D) when the young animals are born if the contract is for offspring of animals to be born within twelve months.

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Definitions:

Utility Function

It's a mathematical representation of how a consumer's preferences over a set of goods and services translates into a level of satisfaction or utility.

Price of X

The cost at which a specific item or commodity, denoted as "X," is sold in the market.

Marginal Rate of Substitution

The exchange rate between goods that allows a consumer to trade off one product for another without altering their overall happiness.

Convex Preferences

A characteristic of consumer preference whereby a consumer prefers combinations or mixtures of goods over extreme amounts of single goods, displaying a preference for diversification.