Which of the Following Is a Duty of the Buyer

question 23

Multiple Choice

Which of the following is a duty of the buyer of goods?

• A)To return rejected goods promptly.
• B)To inform the seller that the goods have been accepted.
• C)To accept and pay for the goods in accordance with the contract.
• D)To examine the goods carefully.

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Definitions:

Marginal Utility

The supplementary enjoyment a consumer experiences when they consume an extra unit of a good or service.

Budget Constraints

Budget constraints represent the limitations on the spending choices of consumers based on their income and the prices of goods and services.

Total Utility

The overall satisfaction a consumer receives from consuming a particular quantity of goods or services.

Marginal Utility

The additional satisfaction or benefit a consumer gains from consuming one more unit of a good or service.