-Refer to Figure 17

question 161

Multiple Choice

-Refer to Figure 17.2.If the demand for labor increases,then equilibrium wage will ________ and equilibrium quantity of hours will ________.

• A) rise; fall
• B) fall; fall
• C) rise; rise
• D) fall; rise

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Definitions:

Commercial Impracticability

A legal doctrine under which a party may be released from a contract when events render performance commercially impracticable.

Revocation of Acceptance

The right to reject goods or services under a contract after initially accepting them, under specific circumstances.

Uniform Computer Information Transactions Act

A proposed set of laws aimed at harmonizing the legal treatment of transactions in computer information and digital products.

Perfect Tender Rules

Legal standards within the Uniform Commercial Code (UCC) that require sellers to deliver goods to buyers exactly as agreed in their contract.