Exhibit 3-3 Demand Curves Which of the Graphs in Exhibit

question 57

Multiple Choice

Exhibit 3-3 Demand curves Which of the graphs in Exhibit 3-3 depicts the effect of an increase in income on the demand for DVDs (a normal good) ?

• A)Graph A.
• B)Graph B.
• C)Graph C.
• D)Graph D.

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Definitions:

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Time is of the Essence

A contractual clause indicating that the timing of certain actions or tasks is critical and failure to perform them on time constitutes a breach of contract.

Reasonable Period

An amount of time which is fairly or sensibly expected under the circumstances for a specific action or response.

Condition

A specific requirement or stipulation in an agreement or contract that must be met for the full agreement to be binding and effective.