A Statement Made in Court,under Oath,or at Some Stage During

question 43

Multiple Choice

A statement made in court,under oath,or at some stage during a legal proceeding in which a party against whom a lawsuit has been brought admits that an oral contract existed,even though the contract was required to be in writing,is called a(n) ________.

• A)admission
• B)submission
• C)deposition
• D)interrogatory
• E)confirmation

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Definitions:

Supply Elasticities

Measures the responsiveness of the quantity supplied of a good to a change in its price.

Excise Tax

A tax imposed on specific goods, services, or transactions, often used to discourage consumption of certain products or to raise government revenue.

Black Markets

Illegal trade markets that arise when goods or services are traded at prices or in quantities that violate government regulations or laws.

Legal Markets

Marketplaces that operate within the framework of the law, involving the buying and selling of goods and services that are legal to trade.