If Oranges and Grapefruit Are Close Substitutes, an Increase in the Price

question 202

Multiple Choice

If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of

• A)both products to the right.
• B)both products to the left.
• C)grapefruit to the right.
• D)oranges to the left.

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Definitions:

Promissory Estoppel

A rule of law that bars an individual from retracting a commitment made to another if the second party has justifiably depended on this pledge to their harm.

Justifiable Reliance

A principle in contract law that an individual can act based on the assurance or promise of another, assuming such dependence is reasonable and logical.

Contract Enforcement

The legal mechanisms and procedures used to ensure that the terms of a contract are fulfilled by the parties involved, or to seek remedies in cases of breach.

Restatement

A revision or rewriting of legal documents or statutes for clarification and simplification without changing the fundamental meaning.