Bailments May Be

question 2

Multiple Choice

Bailments may be:

• A) created orally or through a writing.
• B) created for either real or personal property.
• C) created for nonpossessory personal property.
• D) made only after delivery to the bailor is accomplished.

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Definitions:

Profit-maximizing

The process or goal of increasing a firm's profits to the highest possible level by adjusting output and pricing strategies.

Marginal Revenue Product

Additional income derived from the employment of an extra production factor.

Diminishing Marginal Returns

A principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.

Marginal Revenue Product

The additional income generated from using one more unit of a resource or factor of production.