In Most States, Promises Made to Another Based on Moral

question 43

True/False

In most states, promises made to another based on moral obligation lack consideration and are not enforceable.

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Definitions:

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.

Average Variable Cost

The total variable costs divided by the quantity of output produced.

Total Variable Costs

The sum of all costs that vary with output level, including costs for raw materials, labor, and other expenses that increase with production.

Output Increases

A situation in which the quantity of goods or services produced in an economy rises.