Use the Figure Below to Answer the Following Questions

question 23

Multiple Choice

Use the figure below to answer the following questions. Figure 3.5.2
Original equilibrium at 1.
-Refer to Figure 3.5.2,which represents the market for beans.If the price of peas,a substitute for beans and a substitute in production,rises,what is the new beans equilibrium,ceteris paribus?

• A)2
• B)3
• C)9
• D)4

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Definitions:

Dissolution

The process of formally closing or ending a business or legal entity.

Limited Partnership

A business structure where at least one partner has unlimited liability and at least one partner has liability only up to the amount they have invested.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another party, such as the duty a trustee has to beneficiaries.

Liability

Refers to the state of being legally responsible for something, such as a debt or obligation.