In a Competitive Market, the Demand Curve Shows the ________

question 4

Multiple Choice

In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________.

• A)utility; average cost.
• B)marginal benefit; marginal cost
• C)economic surplus; opportunity cost
• D)net benefit; net cost

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Definitions:

Frustrated Contract

A contract that, through no fault of either party, is unable to be fulfilled due to an unforeseen event, leading to its termination.

Implied Term

A provision not explicitly stated but understood to be included in a contract or agreement by virtue of the law or the nature of the agreement.

Continued Good Health

The ongoing state of physical and mental well-being without significant illnesses or medical conditions.

Laches

A legal doctrine used to dismiss claims where a party unjustifiably delays taking action to the detriment of another.