Case-Based Critical Thinking Questions

question 92

Multiple Choice

Case-Based Critical Thinking Questions
Case 10-1
You have been having some difficulty in your economics class this semester,so you have requested support from a tutor.One topic that is giving you trouble at the moment is the price elasticity of demand.
-Increasing the price of an object by 10% decreases demand by 20%.This is an example of what kind of elasticity,according to your tutor?

• A) Relatively inelastic
• B) Perfectly inelastic
• C) Relatively elastic
• D) Perfectly elastic

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Definitions:

Battle of the Forms

Refers to a legal dispute arising from the exchange of conflicting terms and conditions in the contractual documents of the parties involved.

Unconscionability

Unconscionability involves contract terms that are excessively unfair or oppressive to one party, making enforcement unjust.

Contract Formation

The process by which an agreement between parties becomes legally binding, typically requiring offer, acceptance, consideration, and mutual intent to be bound.

Mirror Image Rule

The mirror image rule is a principle in contract law that requires an acceptance to be on exactly the same terms as the offer in order to result in a binding contract.