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When the price level decreases, firms in imperfectly competitive markets will:
Holder in Due Course
A legal term referring to a party that has acquired a negotiable instrument in good faith and for value and thus has certain protections against defenses and claims that could be asserted against the transferor.
Personal Defenses
Legal arguments or claims that an individual can use personally to avoid enforcement of a contract or legal obligation against them.
Contractual Defenses
Legal arguments that can be used to challenge the enforceability of a contract.
Promissory Note
A financial document in which one party promises to pay another party a specific sum of money on a specified date or on demand.
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