Alice Has a Contract with a Surgeon to Have a Medical

question 22

Multiple Choice

Alice has a contract with a surgeon to have a medical procedure performed on July 17.The surgeon notifies Alice on July 5 that he is in the Bahamas and will be there until the end of August and will not be able to do the surgery.Which of the following is true at this point?

• A) There will be no breach until July 17.
• B) Alice must wait until July 17, and if the surgeon does not perform the procedure, Alice can contract with another surgeon.
• C) If Alice contracts with another surgeon prior to July 17, and this second surgeon is aware of Alice's original contract, the second surgeon has no obligation to perform.
• D) Alice is free to contract with another surgeon.
• E) Alice must give the surgeon 90 days within which to schedule the surgery after July 17.

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Definitions:

Short-Run Aggregate Supply Curve

A graphical representation that shows the relationship between the total production of goods and services in an economy at different price levels in the short run, indicating how much output is supplied by firms at various prices.

Long-Run Equilibrium

A state in which market supply and demand balance each other, resulting in stable prices and optimal resource allocation over time.

Expected Price Level

This term indicates the average of current and anticipated prices for goods and services in an economy.

Short-Run Aggregate-Supply Curve

A graphical representation that shows the relationship between the total production of goods and services at different price levels in the short term, assuming some input prices are fixed.