A Default Judgment Is

question 30

Multiple Choice

A default judgment is:

• A)a legal pleading that contains denials, admissions, affirmative defenses, and counterclaims.
• B)a pleading that is a statement of the initial claim against the defendant.
• C)an assertion that even if the plaintiff's allegations are true, the plaintiff would not be entitled to a remedy.
• D)a judgment against a defendant who fails to respond to a complaint.

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Definitions:

Substitution

Substitution refers to the economic principle where consumers replace more expensive items with less expensive ones or firms replace inputs with cheaper alternatives, in response to changes in price or availability.

Videocassette

A medium for the recording of analog audio and video tapes, now largely obsolete.

Diminishing Marginal Utility

The principle that the satisfaction or utility gained from consuming each additional unit of a good or service decreases as more of it is consumed over a certain period.

Indifference Curves

Indifference curves are graphs showing different combinations of two goods that provide equal satisfaction and utility to a consumer.