The Voluntary Transfer of Property by One Person to Another

question 40

Multiple Choice

The voluntary transfer of property by one person to another without consideration or payment of any kind is a(n) :

• A) informal transfer.
• B) will.
• C) statutory transfer.
• D) gift.

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Definitions:

Multiplant Monopolist

A monopolistic firm that operates more than one production facility in different geographic locations to maximize profits and maybe meet differentiated demand.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.

Marginal Revenue Curve

A graphical representation showing how marginal revenue changes as output level changes.

Competitive Industry

An industry characterized by many firms offering similar products where no single firm can influence the market price.