Refer to Figure 13.1 for the Following Questions

question 162

Multiple Choice

Refer to Figure 13.1 for the following questions.
Figure 13.1
-The movement from E to B to D in Figure 13.1 illustrates

• A) an improvement in technology.
• B) a decline in capital per worker.
• C) diminishing returns to capital.
• D) increasing returns to labour.

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Definitions:

Implied in Fact Contract

An agreement formed by actions and conduct of the parties involved, rather than written or spoken words.

Void Contract

An agreement that is not legally binding and is unenforceable by law, typically because it lacks one or more essential elements of a valid contract.

Incompetent

Lacking the necessary skills, abilities, or legal qualifications to perform a task or to stand trial.

Binding Agreement

A legally enforceable contract that obligates the parties involved to adhere to the terms outlined within the agreement.