If an Agreement Is Not Voluntary and Knowing,it Will Be

question 53

True/False

If an agreement is not voluntary and knowing,it will be either void or voidable.

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Definitions:

Producer Surplus

The difference between what producers are willing to sell a product for and the actual price they receive, representing their benefit or surplus.

Minimum Acceptable Price

The lowest price at which a seller is willing to sell a product or service.

Consumer Surplus

The gap between what consumers are ready and able to shell out for a good or service and what they indeed spend on it.

Equilibrium Point

An equilibrium in the market where demand meets supply, causing price levels to remain unchanged.