[Dog Training] Nia and Bruno Enter into a Written Contract

question 7

Multiple Choice

[Dog Training] Nia and Bruno enter into a written contract for Bruno to train Nia's dog. Under the contract, Nia is required to pay Bruno $20 for each training session.
-Which of the following is true about void and voidable contracts?

• A) Either party can terminate the contract at any time as long as additional consideration is paid.
• B) Both contracts are illegal and the consideration for the contract must be returned to the other party.
• C) Both parties must agree to terminate a void or a voidable contract because otherwise there would be no privity of contract and a court would not uphold it anyway.
• D) A void contract is not a contract at all; a voidable contract can be terminated by one party.
• E) Both contracts must be in writing.

Explain the significance of price equaling marginal cost for resource allocation efficiency.

Identify the benefits of creative destruction and innovation within purely competitive markets.

Relate economic concepts like consumer surplus, producer surplus, and deadweight loss to market equilibrium.

Understand the role of the "invisible hand" in competitive markets and its impact on efficiency and innovation.

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Definitions:

Clinton Administration

The executive period in the United States from 1993 to 2001, under President Bill Clinton, characterized by economic prosperity and several domestic and international challenges.

Economic Significance

The importance of an entity or event in terms of its impact on the economy, relating to wealth, resources, and the production of goods and services.

Technological Advance

Progress in the development and application of scientific knowledge to practical tasks in industries such as computing, engineering, and biotechnology.

Scientists

Scientists are individuals who conduct scientific research to advance knowledge in an area of interest, typically using systematic methods to study the natural world and its phenomena.