Genetically Modified Soybean Seed Is an Example of a New

question 62

Multiple Choice

Genetically modified soybean seed is an example of a new technology that has increased productivity. As a result, this new technology _____ production costs and _____ the supply of soybeans.

• A) raised; increased
• B) lowered; decreased
• C) lowered; increased
• D) raised; decreased

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Definitions:

Liquidated Damages

A predetermined amount of money that must be paid as damages for failure to perform under a contract.

Reliance Damages

Compensation awarded for losses suffered as a result of relying on a promise or agreement, even if a contract was never formalized.

Lost Profits

Refers to the income that a business could have earned but was unable to due to some form of disruption or another party's actions.

Misrepresentation

A false statement of fact made by one party to another, which has the effect of inducing that party into a contract.