One of the Outcomes of Specialization Is That It Leads

question 216

Multiple Choice

One of the outcomes of specialization is that it leads to _____, which _____ the average cost of production.

• A) smaller-scale production; lowers
• B) smaller-scale production; raises
• C) larger-scale production; raises
• D) larger-scale production; lowers

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Definitions:

Void Contract

A legal agreement that is invalid from the outset and has no legal effect, therefore cannot be enforced by law.

Voidable Contract

A legal agreement that may be invalidated or annulled by one or more of the parties involved due to certain conditions.

Privity of Contract

The principle that a contract is a private agreement between the parties who have entered into it, and no one else can claim benefits or be subjected to its obligations.

Voidable Contract

A legal agreement that may be declared invalid by one party due to certain conditions such as misrepresentation or lack of consent.