Under the __________Approach,consideration Is Defined as a Benefit Received by the Promisor

question 33

Multiple Choice

Under the __________approach,consideration is defined as a benefit received by the promisor or a detriment incurred by the promisee.

• A) pro-con
• B) I win,you lose
• C) gain-loss
• D) benefit-detriment

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Definitions:

Farmers

Individuals or entities engaged in the activity of agriculture, which includes the cultivation of plants and rearing of animals for food, fiber, biofuel, medicines, and other products used to sustain and enhance human life.

Optimal Allocation

The most efficient distribution of resources within an economy to maximize the output or welfare.

MB = MC

A principle in economics indicating the optimal level of output or consumption, where the marginal benefit (MB) equals the marginal cost (MC).

Marginal Benefit

The added utility or pleasure that comes from the consumption of one more unit of a good or service.