If There Are No Fixed Costs and Variable Costs Are

question 19

Multiple Choice

If there are no fixed costs and variable costs are constant at $1.00 per unit over the relevant range of output,what is the marginal cost of the second unit?

• A)$0
• B)$0.50
• C)$1
• D)$2

Understand the definition and implications of "caveat emptor" in sales transactions.

Recognize the rights and obligations under the implied warranty of quiet possession.

Distinguish between deposit and part payment and their implications in sales transactions.

Identify and differentiate between the remedies available to buyers and sellers under the Sale of Goods Act.

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Definitions:

Product Demand

The desire and willingness of consumers to purchase a specific quantity of goods or services at various prices during a certain period.

Labor Demand Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor that employers are willing to hire, typically downward sloping.

Monopolistic Seller

A market scenario where a single seller dominates the market, having substantial control over the prices and the supply of a product or service.

Purely Competitive

A market structure characterized by many buyers and sellers, where no single entity can influence the market price.