Rick Has a Contract with a Home Repair Company to Paint

question 11

True/False

Rick has a contract with a home repair company to paint his house and landscape his yard.When he realizes that he will have some unexpected medical expenses, he calls the home Repair Company to cancel the contract.Rick's next door neighbor can sue Rick to enforce the contract, because if Rick improves his own property, his neighbor's property will also be worth more money.

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Definitions:

Opportunity Cost

The forfeiture of potential benefits from other options when a particular choice is made.

Protective Tariffs

Tariffs imposed by a government to protect domestic industries from foreign competition by raising the price of imported goods.

Standard Of Living

The level of wealth, comfort, material goods, and necessities available to a person, group, or society.

Comparative Advantage

Comparative advantage is the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.