An Implied Contract Is Not an Enforceable Contract

question 79

True/False

An implied contract is not an enforceable contract.

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Definitions:

Maximize Profit

The strategy or process aimed at achieving the highest possible profit from business activities, considering revenues and expenses.

Marginal Productivity

A measure of the extra amount of output that is produced when a unit of input (like labor or capital) is added, with all other inputs held constant.

Income Distribution

The way in which a nation’s total earnings are divided among its population, or the income distribution across different groups of society.

Labor Demand Curve

A graphical representation showing the relationship between the quantity of labor demanded by firms and the wage rate.