Which of the Following Statements Is CORRECT

question 457

Multiple Choice

Which of the following statements is CORRECT?

• A) When demand increases, both the price and the quantity increase.
• B) When demand decreases, the price rises and the quantity decreases.
• C) When supply increases, the quantity decreases and the price rises.
• D) When supply decreases, both the price and the quantity decrease.

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Definitions:

Legal Value

Legal Value refers to the concept in contract law that concerns the requirement of consideration to ensure that promises within a contract are enforceable.

Marketing Purposes

The use of strategies and tactics to identify, create, and maintain satisfying relationships with customers that result in value for both the customer and the marketer.

Good Faith Dispute

A disagreement where both parties have legitimate reasons for their position, implying neither is acting deceptively or maliciously.

Settlement Agreement

A legally binding contract between parties to a dispute, where they agree on the terms to resolve their differences without further litigation.