Olig Means

question 58

Multiple Choice

Olig means

• A) Half
• B) Without, not, lack of
• C) Small, scant
• D) Many, much

Identify the elements necessary for the enforceability of promises or gifts.

Understand the distinctions between lost, mislaid, and abandoned property.

Recognize the criteria and legal significance of different types of gifts (inter vivos, causa mortis).

Understand the role of contracts in the transfer of property and title.

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Definitions:

Willingness To Pay

The maximum amount an individual is prepared to offer for a good or service, reflecting the value they place on it.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply to the market.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; every good or service is distributed to meet the desires of consumers.