Which of the Following Is NOT a Requirement If a Contractor

question 5

Multiple Choice

Which of the following is NOT a requirement if a contractor decides to foreclose on a lien?

• A) Consent of the homeowner to the original lien.
• B) Notice of foreclosure to the homeowner.
• C) Filing of a foreclosure action within a designated period of time after filing the lien.
• D) Advertisement of the foreclosure sale.
• E) A timely foreclosure sale within state deadlines.

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Definitions:

Diminishing Returns

The principle stating that if one factor of production is increased while others remain constant, the overall returns will initially increase but there will come a point where the added benefits will start to decrease.

Increasing Returns

An increase in firm’s output by a larger percentage than the percentage increase in its inputs.

MC

Marginal Cost, the change in total production cost that comes from making or producing one additional unit.

ATC

Average Total Cost, which is the total cost divided by the number of goods produced, representing the per-unit production cost.