Minors Are Liable for the Contract Price of Any Necessaries

question 125

True/False

Minors are liable for the contract price of any necessaries of life for which they contract.

Understand various methods for setting the promotion budget.

Evaluate different approaches to determining a promotion budget, highlighting their advantages.

Understand the role and impact of digital marketspace in modern commerce.

Identify how digital technologies enhance customer value through utility creation.

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Definitions:

Economies of Scale

Cost advantages that entities attain due to the scale of operation, with costs per unit of output generally decreasing with increasing scale.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance exceeding opportunity costs.

Short-Run Equilibrium

The condition in which supply and demand are equal at a particular price level, within a short time frame, before all variables have fully adjusted.