Objective Impossibility May Discharge a Contract

question 50

True/False

Objective impossibility may discharge a contract.

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good varies as the quantity of output changes.

Short Run

A period in economics during which at least one input is fixed and cannot be changed by the company.

Supply Curve

A graphical representation showing the relationship between the price of a good and the amount of the good that producers are willing and able to supply.

Perfectly Competitive Firms

Businesses that operate in a market where prices are dictated by supply and demand, and where no single buyer or seller has market control.