Refer to the Information Provided

question 58

Multiple Choice

Refer to the information provided.Suppose the price of fresh tuna suddenly increases, Gertrude is likely to react by:

• A)becoming a seller in the factor market
• B)hiring less crew workers
• C)increasing her demand for crew workers
• D)trying to decrease her catch to preserve fish stocks

---

Definitions:

Corporation

A legal entity that is separate and distinct from its owners, possessing rights and responsibilities, capable of conducting business, entering into agreements, and owning property.

Novation

The act of replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party.

Valid Obligation

A legal term denoting a binding duty or commitment that has been established through proper legal or contractual procedures, enforceable by law.

Mutual Agreement

A mutual agreement is an understanding or contract between two or more parties, where all have a concurrence of will on the terms and conditions.