In the Case in the Text,In Re Lance,the Court Held

question 3

Multiple Choice

In the case in the text,In re Lance,the court held that the credit union's security interest in the snowmobile automatically perfected because:

• A)the snowmobile was a consumer good.
• B)the credit union filed a financing statement with the secretary of state.
• C)the credit union possessed the snowmobile.
• D)the credit union filed a continuation statement before the financing statement lapsed.

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Definitions:

Few Substitutes

A market condition where there are limited alternatives for a product, giving the product a higher degree of market power and potentially leading to higher prices.

Long Run Equilibrium

A state where all inputs can be adjusted by firms and all prices can fully adapt, leading to resource allocation where supply equals demand.

Industry

Refers to a specific sector of the economy that produces and distributes goods or services, such as the technology or pharmaceutical industry.

Short Run

A period in economic analysis during which some factors of production are fixed, allowing only some inputs or operations to be adjusted.