Which of the Following Is Most Likely to Be a Person

question 36

Multiple Choice

Which of the following is most likely to be a person lacking in legal capacity?

• A)An elderly person
• B)An intellectually impaired person
• C)A corporation
• D)A person with no academic or trade qualifications

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Definitions:

Market Shares

The percentage of an industry's sales that is earned by a particular company over a certain time period.

Monopolistically Competitive

Characterizing a market environment where several sellers offer differentiated products, resulting in non-price competitive strategies.

Price-Taker

An economic agent (e.g., a firm or consumer) that has no control over the market price and must accept prices as given.

Economic Profit

The surplus achieved when total revenue exceeds the opportunity costs of all resources used in production.