Which of the Following Is/are Governed by the UCC

question 102

Multiple Choice

Which of the following is/are governed by the UCC?

• A)a contract for the sale of water
• B)a contract for the sale of extracted oil
• C)a contract for the sale of barges
• D)All of the above are governed by the UCC.

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Definitions:

Price Elastic

An indicator of the responsiveness of the demand for a product to fluctuations in its price.

Substitutable

Describes goods or services that can serve as replacements for each other, fulfilling similar needs or desires for consumers.

Unit-elastic

Unit-elastic refers to a situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in price.