You and Your Neighbor Have Agreed to a Contract Where

question 142

Multiple Choice

You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30.However,for no apparent reason,he has not cut your grass for a month.Your neighbor has committed an) :

• A)obligation violation.
• B)breach of contract.
• C)termination by association.
• D)nonperformance endorsement.

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Definitions:

Marginal Costs

Marginal costs refer to the increase or decrease in the total cost of producing one more unit of a good or service.

Marginal Productivity

The additional output that results from employing one more unit of input, such as labor or capital, while keeping other inputs constant.

Fixed Costs

Costs that remain constant regardless of the amount of goods produced or sold, like wages or lease payments.

Marginal Costs

The extra expense incurred from making one more unit of a product or service.