If the Term of a Lease Is More Than One

question 27

Multiple Choice

If the term of a lease is more than one year, the

• A) tenant must give the landlord six months' rent in advance.
• B) lease must be in writing.
• C) lease may be oral or written.
• D) tenant may not sublease the apartment.

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Definitions:

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes infinitely in response to any change in price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Higher Price

An increase in the cost of a good or service, often reflecting factors like demand and supply changes, production costs, or market conditions.

Supply And Demand Theory

A basic economic principle that describes how the quantity of goods provided by producers and the quantity desired by consumers affect the market price and allocation of resources.