Figure 7-1 -The "Law" of Diminishing Returns Is Also Referred to as Referred

question 167

Multiple Choice

Figure 7-1
-The "law" of diminishing returns is also referred to as

• A)the "law" of diminishing returns to scale.
• B)the "law" of variable input proportions.
• C)diminishing average physical product.
• D)the "law" of decreasing cost.

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Definitions:

Statute of Frauds

A requirement that certain kinds of contracts be memorialized in writing and signed by the party to be charged, in order to be legally enforceable.

Parol Evidence

Where a written contract exists, evidence about promises or statements made prior to or during the execution of the writing that are not contained in the written contract.

Partially Integrated

Refers to a written contract that represents a final agreement on some, but not all, terms between parties.

Handwritten Provisions

Clauses or terms specifically written by hand in a legal document that can modify or add to the standard terms of a contract.