Use the Following to Answer Questions

question 1

Multiple Choice

Use the following to answer questions :
Figure 3-3
-Assume that automotive workers strike and the technological improvements occur at the same time.If initial market conditions were reflected by the structure of Figure 3-3, which of the following must occur?

• A)Lower prices.
• B)Less quantity.
• C)More quantity.
• D)Higher prices.
• E)Cannot be determined from the given information.

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Definitions:

Ucc

UCC stands for Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.

Consumer Lease

A contractual agreement where a lessee (consumer) agrees to rent personal property for personal, family, or household purposes for a fixed period or indefinitely.

Article 2A

A set of laws within the Uniform Commercial Code that governs leasing of goods.

Confirmation Letter

A confirmation letter is a written document that acknowledges the details or arrangements of a prior discussion or agreement.