Fact Pattern 2-1 Mack and Nancy Engage in a Business Transaction from Which

question 57

Multiple Choice

Fact Pattern 2-1
Mack and Nancy engage in a business transaction from which a dispute arises.Mack initiates a lawsuit against Nancy by filing a complaint.
-Refer to Fact Pattern 2-1.The sheriff serves Nancy with a summons.If Nancy chooses to ignore it

• A)Mack must file an amended complaint.
• B)Mack will have a judgment entered in his favor.
• C)Nancy must be served with a second summons.
• D)Nancy will have a judgment entered in her favor.

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Definitions:

Fixed Cost

Costs that remain constant in total despite changes in the levels of production or output within a certain range.

Variable Cost

Expenses that vary directly with the level of production or sales volume.

Least-Squares Regression

An analytical technique that identifies the most suitable line by minimizing the sum of the squares of the gaps between the observed and estimated values.

Variable Cost

A cost that changes in proportion to the level of activity or volume of goods produced.