Choose the One Most Appropriate Answer for Each

question 54

Multiple Choice

Choose the one most appropriate answer for each.
-an act or promise given in exchange for something

• A)assign
• B)attorney-in-fact
• C)breach of contract
• D)competent party
• E)consideration
• F)counteroffer
• G)duress
• H)forbear
• I)fraud
• J)liquidated damages
• K)money damages
• L)mutual agreement
• M)novation
• N)offeror
• O)rescind
• P)specific performance
• Q)statute of frauds
• R)unilateral contract
• S)void contract
• T)voidable contract

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Definitions:

Long-run Equilibrium

Long-run equilibrium occurs in a market when all producers and consumers have fully adjusted to any changes in the market conditions, with no excess supply or demand.

Economic Profits

The variance between total income and total expenses of a business, factoring in both clear and hidden costs.

Constant-cost Industry

An industry where input costs remain unchanged as industry output changes, leading to a flat supply curve.

Industry Supply

The total output of goods or services that producers in an industry are willing and able to sell at different price levels, during a certain time period.