According to the Objective Theory of Contracts,the Intent to Enter

question 24

Multiple Choice

According to the objective theory of contracts,the intent to enter into a contract is judged by the ________.

• A)doctrine of equity
• B)legality of the contract
• C)reasonable person standard
• D)common law of contracts

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Definitions:

AVC

Average Variable Cost is the total variable costs divided by the quantity of output.

Diminishing Returns

A principle in economics where each additional unit of input results in a progressively smaller increase in output.

Diseconomies of Scale

The phenomenon where production costs per unit increase as a firm or industry's output expands.

Output

The amount of something produced by a person, machine, or industry.