Which of the Following Is a Stated Purpose of Article

question 14

Multiple Choice

Which of the following is a stated purpose of Article 2 of the UCC?

• A)to simplify the law governing real estate transactions
• B)to free up the courts from having to decide on contract issues
• C)to make the laws governing sales uniform among all 50 states
• D)to come up with a boilerplate form to be used in all sales transactions

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.

Alfred Marshall

A prominent British economist known for his significant contributions to microeconomics and for popularizing the use of supply and demand graphs.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount they actually pay.

Marginal Utility

The additional satisfaction or utility that a consumer derives from consuming one more unit of a good or service.