Economic Cost Can Best Be Defined as

question 400

Multiple Choice

Economic cost can best be defined as

• A)any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers.
• B)any contractual obligation to labor or material suppliers.
• C)a payment that must be made to obtain and retain the services of a resource.
• D)all costs exclusive of payments to fixed factors of production.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.

Consideration

A fundamental component in contract law, referring to something of value that is exchanged between parties as part of an agreement.

Inventor

An individual who creates something new, whether it is an idea for a product, a device, or a process.

Exclusive Right

A legal entitlement allowing an individual or entity to engage in a particular activity or use a particular property to the exclusion of all others.