Minors Are Not Obligated to Pay for the Necessaries of Life

question 38

True/False

Minors are not obligated to pay for the necessaries of life that they contract for.

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Definitions:

AVC

Average Variable Cost, which refers to the total variable cost per unit of output in a business, where variable costs change with the level of production.

MC

Marginal Cost, the cost of producing one additional unit of a product or service.

ATC

Average Total Cost; the total cost of production divided by the number of units produced, representing the per-unit production cost.

Average Fixed Costs

Costs that do not vary with the level of output and are averaged over the total number of units produced.