In January 2018,Professor Noe Entered into a Contract with State

question 33

Multiple Choice

In January 2018,Professor Noe entered into a contract with State University.She agreed to teach full time during the 2018-2019 academic year.Professor Noe died on May 31,2018.Her estate

• A)is obligated to find another person who will agree to teach during the academic year.
• B)is discharged from any further obligations under the contract.
• C)will be discharged from any obligations under the contract only if it can be shown that her death was unexpected.
• D)will not be discharged.If the University has to pay more in order to hire a comparable substitute professor at the last minute,then the estate will be responsible for the difference in pay.

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Definitions:

Excess Capacity

A scenario where a firm's actual production is less than its maximum potential output, often leading to inefficiencies and higher costs.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for competition based on factors other than just price, such as brand and quality.

Demand Curves

Graphical representations that show the relationship between the price of a good or service and the quantity demanded by consumers at various price levels.

Incumbent Firms

Established companies that currently dominate a sector or industry.