If a Market Is Allowed to Move Freely to Its

question 65

Multiple Choice

If a market is allowed to move freely to its equilibrium price and quantity,then an increase in supply will

• A)increase consumer surplus.
• B)reduce consumer surplus.
• C)not affect consumer surplus.
• D)Any of the above are possible.

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Definitions:

Jones V.Wells Fargo Bank, N.A.

A legal case involving allegations against Wells Fargo Bank regarding its mortgage practices.

Conversion

The unauthorized act of taking someone else's property and converting it into one's own use, which infringes on the legal rights of the owner.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a specific sum of money either on demand or at a specified future date.

Cancellation

The act of declaring a contract or agreement null and void, thereby releasing the parties from their obligations under the contract.