One Can Say with Certainty That Equilibrium Price Will Decline

question 156

Multiple Choice

One can say with certainty that equilibrium price will decline when supply:

• A) and demand both decrease.
• B) increases and demand decreases.
• C) decreases and demand increases.
• D) and demand both increase.

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Definitions:

Silence Acceptance

The concept that silence can be interpreted as acceptance of an offer under certain conditions in contract law.

Binding Contract

A legally binding contract between two or more parties that can be upheld in court.

Formal Written Agreement

A legally binding contract that is documented in writing and signed by all parties involved.

Implied Acceptance

An agreement to the terms of a contract demonstrated through actions or behaviors, rather than explicitly communicated through words.