-In the Above Table, the Average Physical Product of 2

question 177

Multiple Choice

-In the above table, the average physical product of 2 workers and the marginal physical product of the 2nd worker is

• A) 2; 2.
• B) 4; 1.
• C) 3.5; 3.5.
• D) 3.5; 4.

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Definitions:

Unilateral Mistake

A situation in contract law where only one party holds an incorrect belief about a basic assumption on which a contract is based, potentially affecting the enforceability of the contract.

Mutual Mistake

A situation in a contract where all parties involved have a common but erroneous belief regarding a vital fact about the contract terms.

Valid Contract

An agreement that meets all legal requirements, including offer, acceptance, consideration, and the intention to create a legal relationship, thereby enforceable by law.

Courts

Institutions that administer justice through the interpretation and application of laws.