Consideration Can Be A(n)________ in the Case of a Bilateral

question 9

Multiple Choice

Consideration can be a(n) ________ in the case of a bilateral contract.

• A)act
• B)promise
• C)exchange
• D)gift

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Definitions:

Average Total Cost

The cost per unit of output, found by dividing the total cost (fixed plus variable) by the number of units produced.

Cigars

Rolled bundles of dried and fermented tobacco leaves designed to be smoked.

ATC and MC Curves

Graphs in economics that represent a firm's average total costs (ATC) and marginal costs (MC) at different levels of production.

Tax

Mandatory financial charge or other levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.