If Lake Writes a Check Drawn on His Account at Southern

question 26

Multiple Choice

If Lake writes a check drawn on his account at Southern Bank to Emerson University to pay his tuition:

• A) Lake is the drawer.
• B) the university is the drawee.
• C) the bank is the payee.
• D) Lake is the maker.

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Definitions:

Substitutes

Products or services that can be used in place of each other, offering consumers choices in the marketplace.

Negative Relationship

A situation or condition in which an increase in one variable leads to a decrease in another variable.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price over a specific time period.

Demand Curve

The demand curve is a graphical representation showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.