The Statement, "John Buys More of Good X as His

question 73

Multiple Choice

The statement, "John buys more of good X as his income increases, Ceteris paribus ," means:

• A) John's income is being held constant.
• B) John's purchases of good X are being held constant.
• C) John's income and purchases of this good are being held constant.
• D) the price of this good is being allowed to change.

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Definitions:

Promissory Estoppel

A legal principle that prevents a promisor from arguing that an underlying promise offered should not be legally upheld if the promisee has relied on that promise to their detriment.

Unilateral Contract

A type of contract in which only one party makes a promise to perform in exchange for an act by the other party.

Promissory Estoppel

A legal principle that prevents a party from retracting a promise when the other party has reasonably relied on that promise to their detriment.

Consideration

Something of value that is promised, given, or received in a contract to make it legally binding.