Which of the Following Statements Is Correct

question 151

Multiple Choice

Which of the following statements is correct?
i.The demand curve shows the maximum price people are willing to pay for a given quantity of the good.
ii.The maximum price a consumer is willing to pay for an additional unit is the marginal benefit of that unit.
iii.Value is what a consumer receives and price is what a consumer pays.

• A) i only
• B) ii only
• C) iii only
• D) i and iii
• E) i, ii, and iii

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Definitions:

Dishonor

In legal and financial contexts, dishonor refers to the failure to fulfill an obligation, such as when a check is not honored by a bank due to insufficient funds.

Negotiable Note

A financial instrument containing a promise to pay a certain amount of money, either on demand or at a future date, which is transferable by endorsement.

Holder In Due Course

A legal term describing a person who has acquired a negotiable instrument in good faith and for value, thereby granting certain rights in excess of the original payee.

Notification

The act of informing someone about something, typically in a formal or official manner.