Which of the Following Phrases Explains the Term Covenant

question 2

Multiple Choice

Which of the following phrases explains the term covenant?

• A)an unconditional promise to perform
• B)a breach of contract
• C)mutual rescission of a contract
• D)successive assignments of a right

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Definitions:

Marginal Physical Product

It is the additional output generated by employing one more unit of a specific input, keeping other inputs constant.

Marginal Product

The additional output resulting from the use of an additional unit of a variable input, holding all other inputs constant.

Wage Rate

The amount of money paid to an employee per unit of time, often per hour or per year, for labor services.

Marginal Product of Labor

The additional output produced as a result of adding one more unit of labor, all else being constant.