A Change in Which of the Following Alters Buying Plans

question 169

Multiple Choice

A change in which of the following alters buying plans for cars but does NOT shift the demand curve for cars?

• A) A 5 percent increase in people's income.
• B) A 10 percent decrease in the price of car insurance.
• C) A 20 percent increase in the price of a car.
• D) An increased preference for walking rather than driving.

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Definitions:

Act for the Prevention of Frauds and Perjuries

Historical legislation which aimed at reducing fraud and perjury in legal agreements, emphasizing the importance of written contracts.

Promissory Estoppel

The legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract.

Negligent Misrepresentation

A false statement of material fact made by a party who thinks it is true but who would have known the truth about the fact had he or she used reasonable care to discover or reveal it.

Statute of Frauds

A legal doctrine requiring certain contracts to be in writing and signed by the parties involved to be enforceable.