Which of the Following Statements Is TRUE with Respect to a Contractual

question 62

Multiple Choice

Which of the following statements is TRUE with respect to a contractual obligation that is discharged through payment by a debit card?

• A)Debit cards use the same rules and procedures as credit cards.
• B)Unlike payment by cash,payment by debit card is conditional rather than final.
• C)A debit card operates by allowing the card holder to purchase an item by promising to pay the vendor later.
• D)Because of the need for commercial certainty,the holder of a debit card is liable for all purchases,even if,for example,a criminal uses a gun to force the card holder to use the card.
• E)Payment by debit card is final and irrevocable,unlike a credit card transaction.

---

Definitions:

Monopolistic Firm

A company that possesses unique characteristics in its products or services, giving it significant control over its market prices.

Cournot Duopoly

An economic model that describes an industry structure in which two firms compete on output levels and choose quantities independently to maximize profit.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial health of a business.

Long-Run Equilibrium

A state in which all factors of production and outputs in an economy have fully adjusted and all changes are reflected in prices.