-Refer to the Above Table

question 220

Multiple Choice

-Refer to the above table. Which of the following statements is correct?

• A) The table follows economic principles because in an increasing cost industry, increases in a variable input will lead to increase in output.
• B) The table does not follow economic principles because in an increasing cost industry, increases in a variable input will lead to decrease in output.
• C) The table follows economic principles because the law of diminishing marginal product predicts that increase in a variable input will eventually lead to a decrease in the marginal physical product.
• D) The table does not follow economic principles because the law of diminishing marginal product predicts that increase in a variable input will eventually lead to an increase in the marginal physical product.

Understand the relationship between income levels and the burden of different types of taxes.

Understand the different remedies available for breach of contract.

Identify the factors affecting the choice of remedy for a breach of contract.

Recognize the conditions under which a contract may be terminated.