Which of the Following Must Be in Writing

question 19

Multiple Choice

Which of the following must be in writing?

• A) third-party contract for health care coverage
• B) implied contract
• C) expressed contract
• D) employment contract
• E) termination contract

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Definitions:

Price

The amount of money required to purchase a good or service; determined by factors such as demand, supply, and production cost.

Shutdown Point

The lowest point on the average variable cost curve. When price falls below the minimum point on AVC, total revenue is insufficient to cover variable costs and the firm will shut down and bear losses equal to fixed costs.

Farmer

An individual engaged in agriculture, raising living organisms for food or raw materials, typically leading the operation of farms or animal husbandry.

Price

The amount of money required to purchase a good or service.