At Which Point Might Society Be Able to Produce If

question 111

Multiple Choice

At which point might society be able to produce if new resources were discovered but cannot produce with current resources? (See Figure 1.1.)

• A)A
• B)B.
• C)C.
• D)D.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from going back on a promise made when the other party has reasonably relied on that promise to their detriment.

Promisor

The person or party in a contract who has made a promise to perform or deliver something to the other party.

Consideration

The value (such as money, a service, or a promise) that is exchanged between parties in a contract.

Unilateral Contract

A promise exchanged for an act.