​Exhibit 3-12 Supply and Demand Data
​ -In Exhibit 3-12, at a Price of $2

question 304

Multiple Choice

​Exhibit 3-12 Supply and demand data
​ $$\begin{array} { | c | c | c | } \hline \text { Price } & \begin{array} { c } \text { Quantity } \\\text { Demanded }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Supplied }\end{array} \\\hline \$ 1.00 & 250 & 150 \\1.50 & 200 & 200 \\2.00 & 150 & 250 \\2.50 & 100 & 300 \\\hline\end{array}$$
-In Exhibit 3-12, at a price of $2.00 the market will experience a (an) : ?

• A) ? shortage of 150 units.
• B) ? surplus of 100 units.
• C) ? shortage of 100 units.
• D) ? equilibrium.

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Definitions:

Parol Evidence Rule

A legal principle in contract law that prevents parties from presenting evidence of prior or contemporaneous agreements that contradict the written terms of a contractual agreement.

Partially Integrated Contract

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Ambiguous Term

A word or phrase that can be understood in more than one way, leading to uncertainty or varying interpretations.

Party to be Charged

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