The Remedy Available When a Court Imposes a Quasi Contract

question 50

True/False

The remedy available when a court imposes a quasi contract is the recovery of the reasonable value of a benefit conferred or detriment suffered.

---

Definitions:

Monopolistically Competitive

Describes a market structure where many firms sell products or services that are similar but not perfect substitutes, leading to competitive pricing and differentiation.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, accounting for the cost of opportunity.

Efficient Output

The level of production at which a company or economy can produce the maximum amount of goods and services with the least amount of input costs.

Cost Curves

Graphs in economics that show how the cost of producing a good or service varies with the quantity produced.