Price Standards Are Based on

question 93

Multiple Choice

Price standards are based on

• A) the amount of input that should be used per unit of output.
• B) the amount that should be paid for the total quantity of input to be used.
• C) the amount that should be paid per unit of output.
• D) the amount that should be paid per unit of input purchased.
• E) None of these.

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Definitions:

Adequacy Of Consideration

The fairness or sufficiency of what one party receives in return for what they provide in a contract.

Fair Bargain

An agreement between parties that is equitable and just, where each party receives a benefit in exchange for what is given.

Enforce Promises

The legal ability to ensure that agreements or commitments are carried out, often through contract law.

Adequacy Of Consideration

Evaluation of whether the value exchanged in a contract is fair and sufficient, although the law often requires only some value to be exchanged.