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A Banker's Acceptance Is a Draft Drawn on and Accepted

question 35

Multiple Choice

A banker's acceptance is a draft drawn on and accepted by a(an) __________.


Definitions:

MR = MC

A principle in economics that indicates the profit maximizing level of production is reached when marginal revenue equals marginal cost.

Marginal Revenue

The additional income earned by selling one more unit of a product, reflecting the value of increased sales volume.

Demand

The desire of purchasers, consumers, or clients for a particular good or service combined with the ability and readiness to pay for it.

Demand Schedule

A table or graph that displays the quantity of a good or service demanded at various prices.

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