Legality Is a Contractual Element That Allows the Contract to Be

question 63

True/False

Legality is a contractual element that allows the contract to be evaluated by society.

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Definitions:

Hourly Wage Rate

The amount of money paid for each hour of work.

Opportunity Cost

The cost of the next best alternative forgone as a result of making a decision.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods.

Marginal Product

The increase in output that results from employing one more unit of a factor of production.