You Find a Wallet on the Ground in the Parking

question 83

Multiple Choice

You find a wallet on the ground in the parking lot of your apartment complex.Which is most likely true?

• A) This is lost property and you must make a reasonable effort to locate the true owner.
• B) This is mislaid property and you must make a reasonable effort to locate the true owner.
• C) This is mislaid property so you need not make a reasonable effort to locate the true owner.
• D) This is abandoned property and would be considered a gift because the original owner no longer wanted it.

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Definitions:

Marginal Cost

The increased cost associated with making one extra unit of a good or service.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.

Monopolist

A single seller in a market who has significant control over the price and supply of a unique product or service.

Barriers to Entry

Obstacles involving economic, process-related, or legal factors that deter the entry of new firms into a specific industry or business field.