The Willingness of an Emancipated Minor to Abide by Contractual

question 11

Multiple Choice

The willingness of an emancipated minor to abide by contractual obligations is:

• A)ratification.
• B)emancipation.
• C)rescission.
• D)devolution.

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Definitions:

Profits

The excess of revenues over costs and expenses in a business or economic transaction.

Price Elasticity

A measure in economics to show how the quantity demanded of a good or service responds to a change in its price.

Marginal Cost

The additional expenditure required to produce one more unit of a product or service.

Profit-Maximizing

The strategy or practice of adjusting production and distribution to achieve the highest possible profit from operations.