Which of the Following Statements Best Describes the Price, Output

question 110

Multiple Choice

Which of the following statements best describes the price, output, and profit conditions of competitive price-searcher markets?

• A) Price will equal marginal cost at the profit-maximizing level of output; profits will be positive in the long-run.
• B) Price will always equal average variable cost in the short run and either profits or losses may result in the long run.
• C) Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long run, economic profit will be zero.
• D) Marginal revenue will equal average total cost in the short run; long-run economic profits will be zero.

Identify when and how a buyer can reject goods under the Uniform Commercial Code (UCC).

Recognize the rights and remedies available to buyers and sellers under the UCC in transactions involving goods.

Distinguish between express and implied warranties, and understand their implications in sales contracts.

Comprehend the legal principles governing the shipment and delivery of goods, including the responsibilities of carriers.

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, aimed at harmonizing laws across state boundaries.

Disaffirm

The legal act of rejecting or voiding a contract or agreement, particularly used in the context of minors who wish to void contracts entered into before reaching the age of majority.

Reasonable Value

An estimation of the fair or proper cost, worth, or price of goods or services in the marketplace.

Disaffirmed

The act of denying, rejecting, or declaring a contract or agreement void, especially in legal contexts involving minors or parties lacking capacity.