-In the $80 to $40 Price Range in Figure 20

question 56

Multiple Choice

-In the $80 to $40 price range in Figure 20.1,demand is

• A)Perfectly price-elastic.
• B)Price-inelastic.
• C)Unitary elastic.

---

Definitions:

Secured Creditor

A creditor who has a claim on property of the debtor, giving him priority on that property over other creditors.

Guarantee

A formal promise or assurance, typically in writing, that certain conditions will be met or that a product will perform as stated.

Default

Failure to fulfill a legal obligation or condition, such as not making a scheduled payment on a loan.

Right of Distress

The legal ability of a landlord to seize a tenant's assets for unpaid rent or other dues.