Fill in the Blanks Below Based on the Benefits of XBRL

question 27

Essay

Fill in the blanks below based on the benefits of XBRL discussed in the text.
a.Consolidates results across ___ with much greater speed and reliability.
b.Focus effort on ___, rather than on laborious tasks in gathering, compiling and preparing data.
c.Free themselves from ___ systems and software which are difficult and costly to replace.
d.Improve investor relations through provision of more ___ information.
e.Saves costs by preparing data in one form and automatically generating ___.

Recognize the role of unilateral mistake in contract law and its potential to invalidate agreements.

Understand legal remedies available for victims of misrepresentation in contract dealings.

Analyze the impact of undue influence on the legality and enforcement of contracts.

Understand the reasons why minors might have restrictions on their ability to disaffirm contracts and which types of contracts they cannot disaffirm.

---

Definitions:

Equilibrium Quantity

The quantity of goods or services supplied and the quantity demanded at which their price is stable, and there is no tendency for it to change unless external factors intervene.

Allocative Efficiency

A state of resource allocation where resources are distributed in accordance with consumer preferences, maximizing overall utility.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.