The Assertion That "There Is No Free Lunch" Means That

question 277

Multiple Choice

The assertion that "there is no free lunch" means that

• A) there are always trade-offs between economic goals.
• B) all production involves the use of scarce resources and thus the sacrifice of alternative goods.
• C) marginal analysis is used in economic reasoning.
• D) choices need not be made if behavior is rational.

Grasp the importance of the party's ability to recover goods or damages in cases of insolvency or wrongful acts.

Identify the legal implications and remedies available for wrongful rejection or repudiation of goods.

Understand the role of the Uniform Commercial Code (UCC) and the Convention on Contracts for the International Sale of Goods (CISG) in providing remedies for breaches of contract.

Distinguish between various types of damages and remedies, including lost profits, specific performance, and the recovery of goods.

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Definitions:

Memo

A written communication, usually within an organization, intended to convey information, directives, or policy changes to employees.

Email

A method of exchanging digital messages across the Internet or other computer networks.

Post-It

A small piece of paper with a re-adherable strip of glue on its back, made for temporarily attaching notes to documents and other surfaces.

Text Messages

Written electronic messages sent over a phone or computer network, typically consisting of short messages between two or more parties.