Mitch Owns a Pet Boarding Kennel

question 74

Multiple Choice

Mitch owns a pet boarding kennel.The monthly payment on the land he purchased for his kennel,the mortgage on his small office building,and his business license are all examples of _____ costs.

• A) marginal
• B) variable
• C) fixed
• D) promotional
• E) demand

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Definitions:

Legal Consent

Involves the agreement or permission given by a person who is of legal age and has the mental capacity to make an informed decision.

Mutual Mistake

A situation in contract law where all parties involved have a mistaken understanding of one or more material facts relevant to the contract.

Basic Assumption

Refers to a fundamental belief or principle that is accepted as true without proof, often serving as the foundation for further reasoning or behavior.

Material Effect

A significant impact or change to the financial or operational status of a company.