Murtaza drew a cheque for Rs. 50,000 in favour of his landlord Abdullah. The cheque was not presented for payment by Abdullah within a reasonable time of its issue. Murtaza suffered damage of Rs. 30,000 through the delay because the bank failed. Describe whether Abdullah can recover the money in the above circumstances as per the Negotiable Instruments Act, 1881.

Which of the following statements best reflects a price-taking firm? price-taking firms maximize profits by charging a price above marginal cost. the firm can sell only a limited amount of output at the market price before the market price will fall. if the firm were to charge more than the going price, it would sell none of its goods. the firm has an incentive to charge less than the market price to earn higher revenue.