Vince Offers to Buy a Book Owned by Sun-Hi for Twice

question 1

Multiple Choice

Vince offers to buy a book owned by Sun-Hi for twice what Sun-Hi paid for it.She accepts and hands the book to Vince.Sun-Hi's delivery of the book is

• A)not consideration because its transfer is a preexisting duty.
• B)not consideration because its exchange is not a bargain.
• C)consideration.
• D)not consideration because its value is legally insufficient.

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Definitions:

AVC

An alternative term for Average Variable Cost, reflecting the variable costs incurred per unit of output.

Total Cost

The complete cost of production, including both fixed and variable costs associated with the production of a good or service.

Units of Variable

A concept in economics that refers to the variable elements of production, such as labor hours, materials, or energy consumed, which change with the level of output.

Price of Labor

The compensation paid to employees for their work or services, typically in the form of wages or salaries.