In Order for a Will to Be Valid, It Must

question 2

Multiple Choice

In order for a will to be valid, it must:

• A)Include the date of death
• B)Be signed only by witnesses
• C)Be witnessed by no fewer than five people
• D)Be written or typed with a typewriter or word processor

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing for adjustments in production processes.

Industry Profits

The total earnings of companies within a particular industry, after subtracting all costs from total revenue.

Economically Break Even

The point where total revenues equal total costs, resulting in zero economic profit.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent or salaries.