Fact Pattern 28-4B

question 1

Multiple Choice

Fact Pattern 28-4B
Mary's home is in a state that has a $30,000 homestead exemption.Mary de?faults on a $60,000 debt that she owes to Nina.Mary's home is sold at auc?tion for $80,000.
-Refer to Fact Pattern 28-4B.Mary will receive

• A)0.
• B)$30,000.
• C)$50,000.
• D)$60,000.

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Definitions:

Production Function

An equation, table, or graph that indicates the maximum output a firm can produce with a given set of inputs, under certain technological constraints.

Returns To Scale

The rate at which production output increases in response to a proportional increase in all inputs (labor, capital, etc.).

Production Function

An equation that describes the relation between inputs used in production and the output resulting from their use.

Input

Resources used in the process of production, including labor, materials, and capital.