Which of the Following Statements Regarding the Remedy of Specific

question 17

Multiple Choice

Which of the following statements regarding the remedy of specific performance is not true?

• A)It is available for contracts involving the sale of land.
• B)It is not available if the party seeking the remedy has failed to perform their obligations.
• C)It is available for contracts involving unique or very special goods,such as one involving a vehicle that is the only one of its type in Australia.
• D)It is available for contracts involving personal services,such as employment contracts.

Interpret graphical representations of economic models related to production and trade.

Analyze the effects of specialization and comparative advantage in trade.

Understand the concept of opportunity cost and how it relates to comparative advantage.

Differentiate between absolute and comparative advantages.

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Definitions:

Marginal Revenue

The additional income earned by selling one more unit of a good or service, crucial for determining optimal output levels.

Total Costs

The sum of all expenses associated with the production and delivery of goods or services, encompassing both fixed and variable costs.

Average Total Cost

This refers to the total cost of production divided by the number of units produced, inclusive of fixed and variable costs.

Marginal Cost

The cost incurred by producing one additional unit of a good or service.