A Contract Between the Corporation and One of Its Directors

question 15

True/False

A contract between the corporation and one of its directors may be voidable if it is unfair to the corporation.

Recognize the possibility of abnormal consumer responses to income and price changes, including Giffen goods and inferior goods.

Apply consumer choice theory to analyze real-world economic situations and experiments.

Understand the concept of consumer optimum and how it is determined by the intersection of budget constraints and indifference curves.

Calculate the optimum consumption bundle given a consumer's income and prices of goods.

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Definitions:

Least Common Denominator

The smallest common multiple of the denominators of two or more fractions, used in addition and subtraction of fractions.

Denominator

The bottom number in a fraction, indicating the total number of equal parts the whole is divided into.

Fraction

A mathematical expression representing a part of a whole or a part of a group by using two numbers, the numerator over the denominator.