Figure 2.7 -Refer to Figure 2.7. Assume That D₁ and S₁ Are

question 10

Multiple Choice

Figure 2.7

-Refer to Figure 2.7. Assume that D₁ and S₁ are the initial curves. The shift in supply to S₂ could have been the result of each of the following except

• A) a technological improvement.
• B) optimistic producer expectations.
• C) an increase in the number of producers.
• D) higher resource costs.
• E) greater productivity.

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Definitions:

Illegal Contract

A contract that is void and unenforceable because it involves activities that are against the law.

Quasi-Contract

A legal concept where a court enforces an obligation between parties as if they had entered into a contract, to prevent unjust enrichment.

Pari Delicto

A legal doctrine meaning "in equal fault," used to indicate that two or more parties are equally at fault for a wrong.

Unconscionable

Refers to an agreement or term within an agreement that is excessively unfair, oppressive, or unreasonable to one of the parties, often to the extent that it violates public policy.