A Document Authorising a Cash Payment Is A(n)

question 79

Multiple Choice

A document authorising a cash payment is a(n) :

• A)bill of lading.
• B)voucher.
• C)cheque.
• D)invoice.

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Definitions:

Marginal Rates Of Substitution

The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility or satisfaction.

Equilibrium

A state in an economic model where demand equals supply, meaning there is no incentive for change in the market situation.

Marginal Rates Of Transformation

The rate at which one good has to be sacrificed to produce an additional unit of another good, holding technology constant.

Marginal Rate Of Technical Substitution

The rate at which one input can be reduced for an additional unit of another input, while keeping the level of output constant.