Nancy Asks Octavio If She Can Store Her Car in His

question 11

Multiple Choice

Nancy asks Octavio if she can store her car in his garage while she serves in the U.S. Peace Corps. Octavio agrees. This is

• A)a bailment.
• B)accession.
• C)a gift.
• D)abandoned property.

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Definitions:

Price Floor

A price floor is a government- or authority-set minimum price below which a particular good or service cannot legally be sold, aiming to prevent prices from falling too low.

Widgets

A generic term commonly used to refer to an unspecified, fictional product used in examples and economic theory.

Price Floor

A minimum price set by the government for certain goods and services that cannot legally be lowered, often above the equilibrium price.

Market Supply

Market supply represents the total quantity of a particular good or service that all producers are willing and able to sell at different price levels in a given period.