Identify Which of the Following Statements Is True

question 73

Multiple Choice

Identify which of the following statements is true.

• A)An individual making a qualified disclaimer can determine to whom the disclaimed property will pass.
• B)A qualified disclaimer must be made within six months after (a)the day the property is transferred, or (b)the day the person receiving the property becomes age 21, whichever is later.
• C)One of the tests that a qualified disclaimer must meet is that it must be an irrevocable, unqualified, written refusal to accept property.
• D)All of the above are false.

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Definitions:

Patent

A legal right granted to an inventor, giving them exclusive rights to manufacture, use, or sell their invention for a certain period of time.

Marginal Cost

The change in total cost that arises when the quantity produced increases by one unit.

Industry Output

The total quantity of goods or services produced by all firms within a particular industry.

Zero Marginal Cost

The scenario in which producing one more unit of a good or service does not increase the total cost of production, typically seen in digital goods or highly automated processes.