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Lena borrows from Mac and Nicol,using the same collateral for both loans. Only Nicol has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral is
Utility Function
A numerical model illustrating how a person's choice of goods affects their happiness or utility.
Income
Income is the money that an individual or business receives in exchange for providing labor, producing goods, or investing capital.
Price
Price is the amount of money expected, required, or given in payment for something, often determined by the forces of supply and demand in the market.
Apples
A type of fruit that is typically round, with red, green, or yellow skin, and sweet to tangy flesh.
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