Ratification of a Contract by a Minor Cannot Be Implied

question 23

True/False

Ratification of a contract by a minor cannot be implied.

---

Definitions:

Socially Efficient Quantity

The level of production or consumption that maximizes social welfare, taking into account all external costs and benefits.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium in a market is not achieved or is not achievable.