While a Minor,Uri Misrepresents His Age as Twenty-One to Purchase

question 41

Multiple Choice

While a minor,Uri misrepresents his age as twenty-one to purchase a motorbike from Van's Dirt Bikes & Scramblers.Ordinarily,Uri can

• A)disaffirm the contract but must return the motorbike.
• B)none of the choices.
• C)ratify the contract,keep the motorbike,and recover any payments that he made to Van's.
• D)reject the contract,keep the motorbike,and recover any payments that he made to Van's.

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Definitions:

Monopolistic Competition

A trading environment where countless firms peddle products that bear resemblance but are not exact duplicates, offering them a fragment of control in the marketplace.

Pure Monopoly

A market structure where a single firm controls the entire market for a product or service, with no close substitutes and significant barriers to entry.

Allocatively Inefficient

A situation where resources are not distributed in a way that maximizes the benefits to society, often leading to a loss of economic welfare.

Marginal Benefit

The additional satisfaction or utility gained from receiving or consuming one more unit of a good or service.