Dirk Steals Effie's Necklace and Sells It to Fiona

question 4

Multiple Choice

Dirk steals Effie's necklace and sells it to Fiona.Effie can recover the necklace from Fiona

• A)only if Fiona did not know that the necklace was stolen.
• B)only if Fiona gave legally sufficient consideration for the necklace.
• C)only if Fiona knew that the necklace was stolen.
• D)under any circumstances.

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Definitions:

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Long Run

A period of time in economics during which all factors of production and costs are variable, and all adjustments can be made within the economy.

Concentration Ratio

A measure of the market share held by the largest firms within an industry.

Industry

The segment of the economy concerned with production, as opposed to services, characterized by the manufacture of goods.