In Addition to the Four Basic Requirements of a Contract

question 7

Multiple Choice

In addition to the four basic requirements of a contract, which of the following must also occur in order to have a valid contract?

• A) The agreement must always be in writing.
• B) There must be evidence of undue influence.
• C) There must be an absence of invalidating conduct.
• D) A legal remedy must be available for there to be a breach.

Evaluate the economic efficiency and resource allocation in monopolistically competitive markets.

Understand the impacts of pricing strategies on firm profitability in different market structures.

Understand the definition and characteristics of oligopoly.

Differentiate between homogeneous and differentiated oligopoly.

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Definitions:

Budgeted Overhead

Forecasted costs associated with running a company that are not directly tied to a specific product or service.

Actual Overhead

The actual amount of overhead costs incurred by a company during a specific period.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products by estimating overhead costs in advance.

Automated Manufacturing

The use of computer-controlled machinery and robotics in the production process to increase efficiency and reduce human error.