Which of the Following Is NOT One of the Three

question 6

Multiple Choice

Which of the following is NOT one of the three ways to amend a written contract?

• A)by writing and signing an amendment (or rider)
• B)by verbally agreeing to the changes and shaking hands on the deal
• C)by crossing out the mistakes and writing in the corrections
• D)by writing a totally new contract with the correct provisions

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Definitions:

Specialization of Labor

The division of labor where individuals focus on a limited scope of tasks or skills, leading to increased efficiency and productivity.

Average Fixed Costs

The fixed costs of production (costs that do not vary with the level of output) divided by the quantity of output produced.

Output

Output is the total amount of goods or services produced by a person, machine, business, or country.

Average Costs

Average costs refer to the total cost of production divided by the number of units produced, indicating the cost of producing each unit.