An Accident on a State Highway Rendered Jill in Comatose

question 64

Multiple Choice

An accident on a state highway rendered Jill in comatose state for nearly a month.There was an old nurse who used to take care of her then.After her recovery,Jill felt so indebted to the nurse that she contracted to transfer all her assets to her to fulfill her (Jill's) moral obligation.Although this contract lacks ______,it can be enforced.

• A) value
• B) consideration
• C) acceptance
• D) capacity

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Definitions:

Barrier To Entry

Factors that prevent or inhibit new competitors from easily entering an industry or area of business, including high startup costs, strict regulations, and significant technological challenges.

Monopolistic Industry

An industry dominated by a single firm that has control over the market prices and supply of a product or service.

Patent

A legal right granted to an inventor, giving them the exclusive right to make, use, or sell their invention for a certain period of time.

Long Run

A period in economic analysis during which factors of production and costs are fully adjustable, allowing all inputs to production to be varied.