________ Is a Type of Universal Defense Where a Person

question 55

Multiple Choice

________ is a type of universal defense where a person is deceived into signing a negotiable instrument,thinking that it is something else.

• A) Extreme duress
• B) Fraud in inception
• C) Forgery
• D) Material alteration

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Definitions:

Increasing Returns

An increase in a firm’s output by a larger percentage than the percentage increase in its inputs.

Diminishing Returns

A principle stating that after a certain point, additional investment or effort yields progressively smaller increases in output.

Marginal-cost Curve

The marginal-cost curve represents how the cost of producing one additional unit of a good changes as its production volume varies.

Marginal Product

The additional output that is generated by employing one more unit of a specific input, ceteris paribus.