Which of the Following Would Ordinarily Be a Basis for Making

question 67

Multiple Choice

Which of the following would ordinarily be a basis for making a contract void for mutual mistake?

• A) Market conditions
• B) Genuineness of the source of the subject matter of the contract
• C) The financial situation of the parties
• D) All of these.

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Definitions:

Downward Sloping

Describes a line or curve on a graph that represents a decrease or decline in value as one moves from left to right.

Perfectly Competitive Firm

A perfectly competitive firm operates in a market where no single company can influence the price of its product, characterized by many sellers, homogeneous products, and free market entry and exit.

Horizontal Demand

A market situation where the demand curve is perfectly elastic, indicating that consumers are willing to purchase any quantity at a particular price.

Marginal Revenue

The additional income from selling one more unit of a good; sometimes equal to the price of the good.