Suppose That There Has Been Bad Weather, a Decrease in the Availability

question 9

Multiple Choice

Suppose that there has been bad weather, a decrease in the availability of oil, or some other temporary increase in firms' costs and the economy has reached its new short-run equilibrium. What happens as the economy moves from this short-run equilibrium to long-run equilibrium?

• A)Prices and output rise.
• B)Prices and output fall.
• C)Prices rise and output falls.
• D)Prices fall and output rises.

Differentiate between mistakes in contract terms and how they affect contract enforceability.

Recognize the elements required to establish a case of fraud, including reliance and misrepresentation.

Understand the role of physical compulsion and improper threats as forms of duress in contract law.

Understand and identify various forms of misrepresentations and their requirements for relief.

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Definitions:

Alcoholics

Individuals who suffer from alcoholism, a chronic disease characterized by uncontrolled drinking and preoccupation with alcohol.

Holmes And Rahe

Refers to the Holmes and Rahe stress scale, a tool developed to measure the stress load individuals carry and its potential impact on their health.

Social Readjustment

The process of adapting to a significant change in one's life, which may involve adjusting to new circumstances or roles.

Physical Illness

Any disease or condition that affects the body's structure or function, not primarily stemming from a mental or emotional origin.