Which of the Following Are Debts Incurred in an Initial

question 59

Multiple Choice

Which of the following are debts incurred in an initial contract?

• A) Secondary obligations
• B) Primary obligations
• C) Secondary promises
• D) Collateral promises
• E) Suretyship promises

---

Definitions:

Total Cost

The sum of all costs involved in producing a given level of output, including both fixed and variable costs.

Minimum Point

The lowest point on a curve, often referring to the lowest point of costs or output in economic models.

Average Variable Cost

The cost per unit of output, excluding fixed costs, calculated by dividing total variable costs by the number of units produced.

Marginal Cost

The expenditure involved in creating one more unit of a product or service.