If the Price of Pants Increases,what Would You Expect Would

question 42

Multiple Choice

If the price of pants increases,what would you expect would happen in the market for pants?

• A) There would be a movement to the right along the demand curve.
• B) There would be a movement to the left along the demand curve.
• C) There would be a shift to the left of the demand curve.
• D) There would be a shift to the right of the demand curve.
• E) There is both a movement along and a shift of the demand curve.

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Definitions:

Novation

The act of replacing an old contract with a new one, where a different party assumes the obligations or benefits of the original party.

Equitable Remedy

A non-monetary court order to take or refrain from taking specific actions, granted when money damages are insufficient.

Accord and Satisfaction

A legal agreement between parties to settle a dispute by agreeing on an alternative obligation other than what was originally owed.

Novation

The act of replacing an existing obligation with a new one, effectively transferring the rights and duties to a third party.