​ Which of the Following Is True of a Contract

question 15

Multiple Choice

​ Which of the following is true of a contract between two minors?

• A)Only the person of a lower age has the right to avoid the contract.
• B)Each minor has the right to avoid the contract.
• C)Each minor is bound by the contract
• D)Each minor is bound until he or she reaches the age of majority.

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Definitions:

Marginal Cost

The additional expenditure required to produce one more unit of a product or service.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in the quantity of goods or services sold.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing to buy.

MR (Marginal Revenue)

The increase in revenue that results from selling one additional unit of a product or service.