When Josh Stopped at the Convenience Store for a Drink

question 24

Multiple Choice

When Josh stopped at the convenience store for a drink, he noticed that in both the cooler and the fountain drinks the prices of all the soft drinks were identical. You could choose Coke, Pepsi, Dr. Pepper, Mountain Dew, or many others, but they were all the same price. This is an example of:

• A) competitive parity pricing.
• B) discount pricing.
• C) prestige pricing.
• D) market share pricing.

Grasp the legal effects of fraud, unauthorized completion or alteration, and the dishonor of instruments on holder in due course status.

Understand the statutory timeframe concerning the overdue status of time and demand instruments.

Recognize the broad definitions of signature and execution as per the Uniform Commercial Code.

Differentiate between conditionally and unconditionally liable parties on negotiable instruments.

---

Definitions:

Cross-Price Elasticity

Measures the responsiveness of demand for one good to a change in the price of another good.

Goods Relationship

Refers to the connections and interactions between various goods, including how the production, consumption, or value of one can affect another.

Negative

Referring to a situation or number less than zero, often indicating a deficit or a decrease in a quantitative measure.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.