Which of the Following Is an Example of a Contract

question 3

Multiple Choice

Which of the following is an example of a contract contrary to public policy?

• A)A purchases a motorcycle from B at a price much lower than its real value.
• B)A agrees to sell 1000 tonnes of rice to the local government.
• C)A agrees to appoint B as sheriff, provided he helps him win the local elections.
• D)A agrees to give $100 to B if he wins the lottery.

Understand the concept of utility functions and how they represent preferences.

Analyze how different utility functions lead to different preference structures (convex, nonconvex, and linear).

Distinguish between different types of preferences such as perfect substitutes, perfect complements, and others.

Calculate utility levels for given bundles and identify preferred bundles.

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