When Caroline's Dress Factory Hires Two Workers, the Total Product

question 218

Multiple Choice

When Caroline's dress factory hires two workers, the total product is 50 dresses. When she hires three workers, total product is 60, and when she hires four workers, total product is 65. The slope of the marginal product curve when two to four workers are hired is:

• A) upward.
• B) horizontal.
• C) vertical.
• D) downward.

Understand how promissory estoppel can create binding obligations in the absence of traditional consideration.

Explain the conditions under which modifications to contracts require additional consideration under common law versus the UCC.

Discuss specific transactions that are enforceable without consideration (e.g., promissory estoppel, moral obligations).

Discriminate between enforceable promises and non-binding promises such as illusory promises and past consideration.

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Definitions:

Regressive Tax

A tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.

Progressive Tax

A tax system where the tax rate increases as the taxable income or base increases, leading to a higher tax burden on wealthier individuals or entities.

Cigarette Tax

A levy imposed by governments on the sale of cigarettes to reduce consumption and generate revenue, often used for public health initiatives.

Proportional Tax

A tax system where the tax rate remains constant regardless of the amount subject to taxation.