An Easement May Be Created in Which of the Following

question 15

Multiple Choice

An easement may be created in which of the following cases?

• A)The landowner agrees to it orally.
• B)It is necessary for access to the land.
• C)It is taken by using the land openly without permission for a period of years.
• D)All of the above.
• E)Both (b) and (c) above are correct.

Apply the concepts of trade discount and net cost calculation in various scenarios.

Determine the profit or loss realized at different selling prices.

Analyze the relationship between selling price, cost price, and profit rate.

Understand the practical implications of overhead and operating expenses on retail pricing.

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Definitions:

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical, allowing for competition on factors beyond price.

Monopolist

A monopolist is an individual or entity that holds exclusive control over the supply or trade in a commodity or service, thus being able to significantly influence or set prices.

Perfect Competitor

A firm that operates in a perfectly competitive market, characterized by selling a homogenous product and having no control over the market price.

Output

In economics, output refers to the total amount of goods and services produced by an economic system or entity.