Under the Common Law, a Modification of a Preexisting Contract

question 61

True/False

Under the common law, a modification of a preexisting contract must be supported by mutual consideration; under the Code, a contract can be modified without new consideration.

Analyze the impact of firm entry or exit on a firm's economic profits within monopolistic competition.

Determine the price-setting behavior of monopolistically competitive firms to maximize profits.

Identify economic profit or loss of firms in the short and long run.

Evaluate the impact of market adjustments on demand elasticity for monopolistically competitive firms.

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Definitions:

Belmont Report

A report by the National Commission for the Protection of Human Subjects of Biomedical and Behavioral Research. It outlines three basic ethical principles—autonomy, beneficence, and justice—covering research with human subjects.

IRB Review

The process wherein an Institutional Review Board evaluates research proposals to ensure ethical standards are met, particularly in regard to participant safety and consent.

Common Rule

The Federal Policy for the Protection of Human Subjects. Shared standards adopted by federal agencies for the protection of human research subjects.

Belmont Report

A foundational document in the ethics of human subjects research, outlining respect for persons, beneficence, and justice as key principles.