Figure 3-6 -Refer to Figure 3-6.The Figure Above Represents the Market for the Market

question 186

Multiple Choice

Figure 3-6
-Refer to Figure 3-6.The figure above represents the market for coffee grinders.Compare the conditions in the market when the price is $15 and when the price is $21.Which of the following describes how the market differs at these prices?

• A)At each price there is a shortage; the shortage is greater at $15 than at $21.
• B)The difference between quantity supplied and quantity demanded is greater at $21 than at $15.
• C)At each price there is a shortage; firms will raise the equilibrium price in order to eliminate the shortage.
• D)At each price the demand for coffee grinders exceeds the supply of coffee grinders.

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Definitions:

Definiteness

The quality of being clear and precise, especially in the context of legal contracts, where terms must be explicit to be enforceable.

Present Intent

Refers to the current intention of a person to engage in a legal act, ensuring that the intent aligns with the execution of the act.

Valid Offer

A valid offer is a clear proposal made by one party to another indicating a willingness to enter into a contract under specified terms, which, if accepted, results in a binding agreement.

Firm Offer

Under the Uniform Commercial Code, a signed, written offer by a merchant containing assurances that it will be held open, and which is not revocable for the time stated in the offer, or for a reasonable time if no such time is stated.