An Apparently Illusory Promise May Become Enforceable If a Judge

question 30

True/False

An apparently illusory promise may become enforceable if a judge implies an obligation that the parties act in good faith.

Recognize the importance of analyzing interactions and their impact on the dependent variable.

Identify attribute variables in research designs.

Understand how the design of a study affects the interpretation of its results.

Understand the concept of marginal utility and how it affects consumer choices.

---

Definitions:

Price (P)

The cost necessary to acquire a good or service.

Value of the Marginal Product

The additional revenue generated by employing one more unit of a factor, such as labor or capital, in the production process.

Factor's Price

The payment for the use of a factor of production, such as wages for labor, rent for land, or interest on capital.

Value of the Marginal Product

The additional revenue generated from employing one more unit of a factor of production.