An Advance in Technology Commonly Refers to the Ability to Produce

question 41

Multiple Choice

An advance in technology commonly refers to the ability to produce

• A) the same output with a smaller quantity of resources.
• B) more output with a fixed quantity of resources.
• C) more output with a greater quantity of resources.
• D) both a and b
• E) both b and c

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Definitions:

Tennessee Court Of Appeals

An intermediate appellate court in Tennessee that reviews decisions from lower courts.

Lease

A contractual agreement where one party, the lessor, grants the other party, the lessee, the right to use an asset for a specified period in exchange for payment.

Illusory Promise

A statement that appears to be a promise but, upon closer examination, offers no commitment or assurance to act.

Option Contract

An agreement whereby the offeree gives the offeror a piece of consideration in exchange for the offeror’s agreement to hold the offer open for the specified period of time.