A Decrease in the Price of Milk (And Ingredient of Ice

question 180

Multiple Choice

A decrease in the price of milk (and ingredient of ice cream) will result in a(n) :

• A) shift of the supply curve of ice cream to the left.
• B) shift of the supply curve of ice cream to the right.
• C) lower price of ice cream, and thus an increase in the demand for ice cream.
• D) increase in the demand for ice cream and a decrease in the supply of milk.

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Definitions:

Misrepresentation

The act of providing false, misleading, or incorrect information about a material fact in a contract.

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, rather than paying damages for failure to do so.

Lack of Capacity

A legal term referring to an individual's inability to enter into a contract due to mental incompetence or age.

Duress

Unlawful pressure exerted upon a person to coerce them into an action against their will, often making a contract voidable.