Freida and Gail Enter into a Bilateral Contract,which Is Created

question 23

Multiple Choice

Freida and Gail enter into a bilateral contract,which is created when Freida gives a promise in exchange for Gail's

• A)payment of money only.
• B)performance of a par?ticular act only.
• C)promise only.
• D)prudent awareness only.

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Definitions:

Labor Economists

Labor economists are experts who study the labor force, examining employment levels, wage dynamics, and the factors affecting labor market participation and efficiency.

Supply Elastic

A measure of how much the quantity supplied of a good or service changes in response to a change in price.

Luxury Tax

A tax placed on expensive, non-essential products or services, aimed at curbing the consumption of luxury goods.

Middle Class

A social class made up of people who fall economically between the working class and the upper class, often defined by income, education, and occupation.