A Market Is Contestable If

question 153

Multiple Choice

A market is contestable if

• A)the number of firms is larger than oligopoly.
• B)firms spend a lot on advertising.
• C)there is free entry and exit.
• D)firms have kinked demand curves.

Understand the concept of contractual capacity and its implications for contracts involving minors, insane persons, and intoxicated individuals.

Recognize the conditions under which contracts can be void, voidable, or ratified.

Identify the legal mechanisms available for the protection of minors in contracts, including disaffirmance and ratification.

Understand the doctrine of necessaries and its application to contracts involving minors and mental incompetents.

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Definitions:

Diet

The totality of food and beverages consumed by an individual or group, influencing health and nutritional status.

Atkins

A low-carbohydrate diet designed for weight loss, emphasizing protein and fat intake while limiting carbohydrates.

Vegetarian

A person who follows a diet that excludes meat, fish, and poultry, but may include dairy products and eggs.

Manipulative Practices

Techniques or activities aimed at influencing or controlling others in a deceptive or unethical way.