Merl Separately Buys a Tablet for $500, Running Shoes for $200

question 58

Multiple Choice

Merl separately buys a tablet for $500, running shoes for $200, and a set of the Game of Crowns books for $100. To be enforceable as a contract, a writing is required for the purchase of

• A) the books, the shoes, and the tablet .
• B) the shoes and the tablet only.
• C) the tablet only.
• D) the books only.

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Definitions:

Profit-maximizing

The process or goal of increasing a firm's profits to the highest possible level by adjusting output and pricing strategies.

Marginal Revenue Product

Additional income derived from the employment of an extra production factor.

Diminishing Marginal Returns

A principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.

Marginal Revenue Product

The additional income generated from using one more unit of a resource or factor of production.