Which of the Following Mistakes Will Most Likely Render Impossible

question 51

Multiple Choice

Which of the following mistakes will most likely render impossible the purpose of the contract?

• A) buying a car, only to later find out that it was re- sold to you by some rogue
• B) thinking that you ordered one copy of a software program when, in fact, you ordered ten copies
• C) thinking that the property you bought for your business is zoned commercial but it is, in fact, residential
• D) buying a piece of art on the basis of its aesthetic appeal, only to later find out that it was painted by a famous artiste
• E) none of the above

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Definitions:

Optimal Output Rule

The principle that profit is maximized by producing the quantity of output at which the marginal revenue of the last unit produced is equal to its marginal cost.

Marginal Revenue

The additional income earned by a company from selling one more unit of a good or service, reflecting the benefit of increased production.

Marginal Cost

The boost in expense for crafting one more unit of a product or service.

Profits

The financial gain realized when the revenue earned from economic activities exceeds the expenses, costs, and taxes associated with sustaining the activity.