Under the UCC,________ Means That a Buyer Has Given Any

question 42

Multiple Choice

Under the UCC,________ means that a buyer has given any consideration sufficient to support a simple contract.

• A)bona fide
• B)pure
• C)good faith
• D)value

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Definitions:

Variable Costs

Costs that change as output levels change.

Marginal Costs

The additional cost incurred in the production of one more unit of a good or service.

Fixed Costs

Costs that do not change with the amount of goods or services produced, such as rent, salaries, or insurance.

Accounting Profit

Profits as shown on a company’s financial statements. Accounting profit does not necessarily correspond to real or economic profit.