Floyd and Gert Enter into a Contract by Which Floyd

question 30

Multiple Choice

Floyd and Gert enter into a contract by which Floyd promises to deliver fer?tilizer to Gert.Floyd subsequently transfers this duty to Hazel.Floyd is

• A)a delegatee.
• B)an obligee.
• C)an obligor.
• D)an assignee.

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Definitions:

Decreasing Returns

A situation in which adding more of one factor of production, while holding others constant, will yield progressively smaller increases in output.

Factor of Production

An input used in the production of goods or services, such as land, labor, capital, and entrepreneurship.

Scale

Refers to the size or level of operation, especially in terms of the capacity to produce or serve in business and economics.

Increasing Returns

A situation where an increase in the amount of inputs results in a more than proportional increase in the output, demonstrating enhanced efficiency or productivity.