Which of the Following Can Be Used as Consideration

question 100

Multiple Choice

Which of the following can be used as consideration?

• A)A promise to give up a legal right
• B)A kilogram of green beans
• C)A promise to deliver three tonnes of steel
• D)50 cents
• E)All of the above

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Definitions:

Labor Supply Curve

Represents the relationship between the wage rate and the quantity of labor that workers are willing to supply, typically showing that higher wages attract a larger labor supply.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute away from more expensive items toward cheaper ones.

Higher Wage

An increased rate of pay provided to employees, typically as a result of increased skill, productivity, or market pressures.

Labor Supply Curve

A graphical representation of the relationship between the wages on the vertical axis and the amount of labor willing to work at that wage on the horizontal axis.