Use the Following to Answer Questions

question 5

Multiple Choice

Use the following to answer questions :
Figure 8-1
-If the market price increases to $15, the firm depicted in Figure 8-1 will:

• A)shutdown.
• B)earn economic profits.
• C)produce more than 10 units of output.
• D)produce less than 10 units of output.
• E)both B and C are correct.

---

Definitions:

Infant

A legal term referring to a person who is not yet of the age of majority and therefore lacks the legal capacity to enter into contracts.

Tort

A civil wrong or breach of duty to another person, as outlined by law, which could constitute a lawsuit for damages.

Contractual Incapacity

Contractual incapacity refers to a person's legal inability to enter into a binding contract due to various reasons such as age, mental condition, or duress.

Infant

A child in the earliest period of life, particularly before they can walk; in legal contexts, often synonymous with a minor.