The Doctrine That Applies When One Person Confers a Benefit

question 19

Multiple Choice

The doctrine that applies when one person confers a benefit on another who retains the benefit in a situation where it would be unjust to allow the recipient to retain the benefit without paying for it,is known as:

• A) quasi-contract
• B) pseudo-contract
• C) unjust contract
• D) unilateral contract

---

Definitions:

Purely Competitive Firm

A business that operates in a market where there are many buyers and sellers, and it has no control over the market price of its product.

Economic Profit

The difference between a firm’s total revenue and its opportunity costs (including both explicit and implicit).

Long-run Average Total Cost

The total cost per unit of output when all factors of production are variable, and economies of scale have been achieved.

Average Total Cost Curve

A graphical representation showing how the total cost of production per unit of output changes with the level of output.