Which of the Following Occurs When a Minor's Parents or Legal

question 55

Multiple Choice

Which of the following occurs when a minor's parents or legal guardians give up their right to exercise legal control over the minor,typically when the minor moves out of the parents' house and begins supporting himself or herself?

• A) Ratification
• B) Disaffirmance
• C) Emancipation
• D) Legal release
• E) Reaffirmance

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Definitions:

License Fee

A charge paid for permission to use intellectual property, enter a market, or perform certain activities within a regulatory framework.

Economic Profit

The surplus remaining after total costs are subtracted from total revenue, considering both explicit and implicit costs.

Marginal Revenue

The additional income earned by a firm from selling one more unit of a good or service.

Marginal Cost

The cost of producing one additional unit of a good or service, often used in decision-making to determine the optimal level of production.