An Implied Contract Is Not an Actual Contract

question 54

True/False

An implied contract is not an actual contract.

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Definitions:

Variable Costs

Expenses that vary in relation to a company's production volume or operational activities.

Lawn-Mowing Service

A business that provides the service of cutting the grass on residential or commercial properties.

Optimal Output

The level of production that maximizes a firm's profit, or the most efficient allocation of resources in producing a good or service.

Price to Clear

The price to clear is the market price at which the quantity supplied equals the quantity demanded, thereby clearing the market without leaving surplus or shortage.