An Item Has Utility for a Consumer If It

question 59

Multiple Choice

An item has utility for a consumer if it

• A)is scarce.
• B)has a high price.
• C)is something everyone else wants.
• D)generates enjoyment or satisfaction.

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Definitions:

Unilateral Mistake

A misunderstanding or error made by one party in a contract, which does not necessarily void the contract unless it significantly affects the terms.

Material Fact

A fact that, if known, could influence a decision maker's actions or decisions, especially in legal contexts.

Genuinely Agree

Indicates a sincere concordance or acceptance between parties without hidden disagreements.

Defense

Legal strategies and arguments presented to protect, justify, or exonerate a defendant in a legal proceeding.