When Jack Purchases His Air-Conditioning Unit in the Winter to Avoid

question 56

Multiple Choice

When Jack purchases his air-conditioning unit in the winter to avoid the high prices found in the summer,he is exhibiting ________ demand.

• A) irregular
• B) declining
• C) impulse
• D) latent
• E) negative

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Definitions:

Warranties

Legally binding promises or guarantees about the state or quality of a product or service, provided by the seller.

Presentment

The act of formally presenting a document, such as a check or bill of exchange, for acceptance or payment.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Fraud in the Inducement

A deceptive practice intended to mislead someone into entering a contract or agreement by providing false statements or misleading information.