A Decrease in the Demand for Eggs Due to Changes

question 139

Multiple Choice

A decrease in the demand for eggs due to changes in consumer tastes,accompanied by a decrease in the supply of eggs as a result of an outbreak of Avian flu,will result in

• A) a decrease in the equilibrium quantity of eggs and no change in the equilibrium price.
• B) a decrease in the equilibrium price of eggs and no change in the equilibrium quantity.
• C) a decrease in the equilibrium price of egg; the equilibrium quantity may increase or decrease.
• D) a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease.

Identify the governing laws for different types of contracts (goods, services, employment).

Understand the principles of enforceability for noncontractual promises based on justifiable reliance.

Recognize when a contract is voidable due to material misrepresentation.

Identify the characteristics and formation of implied in fact contracts and express contracts.

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Definitions:

Psycholinguistic Theory

A framework that studies how psychological factors and linguistic elements interact in the processing and comprehension of language.

Empiricist Theory

A theory suggesting that knowledge comes primarily from sensory experience and that human understanding and ideas grow from such experience.

Linguistic Chauvinism

The belief in the superiority of one's own language over others, often leading to discrimination or prejudice against speakers of other languages.

Practical Intelligence

Often referred to as street smarts, it is the ability to solve everyday problems by utilizing knowledge gained from experience.