Consider the Following Statements

question 42

Multiple Choice

Consider the following statements:
A.Consumers buy more MP3 players from an electronics store that sells MP3 players at a lower price than other rival electronics stores in the area.
B.Schools take steps to increase security since they believe it is more costly to allow vandalism than to hire additional security guards.
C.Citrus growers produce more oranges when the selling price of oranges falls.
Which of the above statements demonstrates that economic agents respond to incentives?

• A)a only.
• B)b only.
• C)a and b.
• D)a, b and c.

Explain the effect of oral assignments and the requirements for their validity.

Understand the role and rights of a third-party beneficiary in contract law.

Comprehend the legal outcomes of multiple assignments of the same right.

Identify and differentiate between intended, incidental, and donee beneficiaries.

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Definitions:

Price Received

Price received is the amount of money paid to a seller for goods or services, as agreed upon by the seller and the buyer.

Rent Control

Government-imposed restrictions on the amounts that landlords can charge their tenants, intended to keep housing affordable.

Housing Market

The supply and demand for residential properties, influenced by factors such as interest rates, economic conditions, and government policies.

Elastic

A term used to describe a situation in which the demand or supply for a good or service changes significantly when its price changes.