The UCC Requires Consideration for Agreements Modifying Contracts for the Sale

question 20

True/False

The UCC requires consideration for agreements modifying contracts for the sale of goods.

---

Definitions:

Profit-Maximizing

The process by which a firm adjusts its production and sale to achieve the highest possible profit.

Short-Run

A period during which at least one input in the production process is fixed, affecting the firm's ability to adjust to changes in demand.

Average Total Costs

dividing the total production costs by the quantity of produced units gives the cost for each unit.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a business to fully adjust to changes in market conditions.