When the Price of Chocolate-Covered Peanuts Increases from $1

question 106

Multiple Choice

When the price of chocolate-covered peanuts increases from $1.55 to $2.00,the quantity demanded decreases from 220 to 180.If the price is $1.55,total revenue is _____,and if the price is $2.00,total revenue is _____.

• A)$360;$440
• B)$341;$279
• C)$440;$279
• D)$341;$360

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Definitions:

Merger Clause

A provision in a contract stating that the written document contains the entire agreement between the parties, excluding prior verbal agreements.

Integrated Contracts

Legal agreements that combine all terms and conditions outlined in several related documents into a single, comprehensive document.

First-Assignment-in-Time Rule

A legal principle that gives priority to the first assignee in time when multiple assignments have been made for the same rights or property.

Intended Beneficiaries

Persons or entities for whom a contract creates a benefit, even though they are not a direct party to the contract.