According to the Marginal Utility Theory,consumers

question 60

Multiple Choice

According to the marginal utility theory,consumers

• A)maximize utility and minimize marginal utility.
• B)maximize utility and equalize marginal utility per dollar across all goods.
• C)save part of their income for future consumption.
• D)maximize utility by spending the most on the least expensive good.
• E)maximize utility by spending the least on the least expensive good.

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Definitions:

Anticipatory Breach

A situation in contract law where one party indicates by words or actions that they will not fulfill their contractual obligations before the due time for performance.

Specific Performance

A court-ordered mandate requiring a party to fulfill their obligations under a contract, typically used when monetary damages are insufficient.

Frustrated

In legal terms, refers to a contract that cannot be fulfilled due to unforeseen circumstances, rendering the obligations impractical or impossible to perform.

Condition Precedent

A condition under which the obligations of a contract will begin; also called “subject-to” clause.