As the Number of Elderly Consumers in a Market Increases

question 264

Multiple Choice

As the number of elderly consumers in a market increases and the number of younger consumers declines, we would expect

• A) an increase in the demand for medical services.
• B) a decrease in the demand for medical services.
• C) a decrease in the demand for blue jeans.
• D) both a and c.

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Definitions:

Oral Promise

A commitment made verbally by one party to another without written documentation.

Remedy

A means of legal reparation, which can include monetary compensation, restorative justice, or specific performance in order to resolve a breach of the law.

Breached a Contract

The failure to perform any term of a contract, written or verbal, without a legitimate legal excuse, which may result in legal action against the party in breach.

Implied Warranties

Warranties not explicitly stated but presumed by law to provide certain assurances regarding the quality or functionality of a product.