Which Statement Is True Regarding the Adequacy of Consideration

question 36

Multiple Choice

Which statement is true regarding the adequacy of consideration?

• A) Courts generally consider the adequacy of consideration in determining whether to enforce a contract.
• B) Courts consider the adequacy of consideration only if something is sold for less than 90% of its market value.
• C) Courts consider the adequacy of consideration only if something is sold for less than 80% of its market value.
• D) Courts consider the adequacy of consideration only if something is sold for less than 70% of its market value.
• E) Courts seldom consider the adequacy of consideration but will do so if fraud is involved.

Identify the conditions under which a perfectly competitive firm should increase or decrease production to maximize profits.

Recognize the significance of the equality between price and marginal cost in profit maximization.

Determine the short-run production decisions of a perfectly competitive firm based on price comparisons with average total cost, marginal cost, and average variable cost.

Analyze the impact of market price on a firm's economic profit, loss, and break-even conditions.

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