Figure 13-2 -Refer to Figure 13-2.Ceteris Paribus,an Increase in the Number of the Number

question 185

Multiple Choice

Figure 13-2
-Refer to Figure 13-2.Ceteris paribus,an increase in the number of workers and firms adjusting to having previously underestimated the price level would be represented by a movement from

• A)SRAS₁ to SRAS₂.
• B)SRAS₂ to SRAS₁.
• C)point A to point B.
• D)point B to point A.

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Definitions:

Negotiable

Capable of being transferred or modified through discussion or bargaining; also refers to financial instruments that can be transferred freely.

Quasi-Contract

The doctrine by which courts imply, as a matter of law, a promise to pay the reasonable value of goods or services when the party receiving such goods or services has knowingly done so under circumstances that make it unfair to retain them without paying for them.

Express Promise

is a clear and explicit commitment or assurance given by one party to another, typically in a contractual context.

Unilateral Contract

A contract formed by an offer or a promise on one side for an act to be done on the other, and a doing of the act by the other by way of acceptance of the offer or promise; that is, a contract wherein the only acceptance of the offer that is necessary is the performance of the act.