Table 4-8 -Refer to Table 4-8. Suppose Firm X and Firm Y

question 149

Multiple Choice

Table 4-8
-Refer to Table 4-8. Suppose Firm X and Firm Y are the only two sellers in the market. If the market price decreases from $12 to $9, quantity supplied will

• A)decrease by 6 units.
• B)decrease by 12 units.
• C)increase by 6 units.
• D)increase by 12 units.

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Definitions:

Merchants

Businesses or individuals engaged in the trading of goods, services, or commodities for profit.

Reasonable Commercial Standards

A set of accepted, practical criteria that guide business conduct and transactions within a particular industry.

Good Faith

A principle that denotes honesty, fairness, and sincerity in the intentions and actions of parties involved in an agreement or transaction, without the intention to deceive or defraud.

Non-merchants

Individuals or entities engaged in transactions who do not regularly deal in goods of the kind sold, thus not considered a merchant under the Uniform Commercial Code.