Timely Notice of the Dishonor of an Instrument That Has

question 47

True/False

Timely notice of the dishonor of an instrument that has been properly presented for payment discharges the liability of parties who are secondarily liable on the instrument.

---

Definitions:

MR

The extra revenue that a firm gains when it sells an additional unit of output, essentially another term for marginal revenue.

AVC

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

ATC

Average Total Cost; the total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.

Average Cost

The total cost of production divided by the number of units produced, indicating the cost per unit of output.