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Gawain and Julie Are Neighbours

question 22

Multiple Choice

Gawain and Julie are neighbours.Gawain committed the tort of trespass to land by smashing a window in Julie's attic with a baseball bat.Julie could have quickly and easily fixed that damage by paying a home repair company $1000.Instead,she did nothing for eight months.At the end of that period,a thunderstorm caused rain to pour into Julie's attic through the broken window.Julie then paid a home repair company $4000 to fix both the broken window and the damage caused to the attic by the rain.Which of the following statements is TRUE?


Definitions:

Supply Curves

Graphs showing the relationship between the price of a good and the quantity of that good a seller is willing to supply.

Demand Curves

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.

Market Equilibrium

Market equilibrium is the condition in which the quantity supplied of a good matches the quantity demanded at a particular price, leading to a stable market condition.

Revenue Equation

An equation that calculates the total income generated from selling goods or services, often represented as Revenue = Price x Quantity.

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