Figure 4-22 -Refer to Figure 4-22.At a Price of $12,there Is a $12,there

question 37

Multiple Choice

Figure 4-22
-Refer to Figure 4-22.At a price of $12,there is a

• A)surplus of 2 units.
• B)surplus of 4 units.
• C)shortage of 2 units.
• D)shortage of 4 units.

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Definitions:

Unenforceable Contract

A contract that cannot be upheld by a court because of some rule of law.

Complete Contract

A contract that outlines all the relevant and necessary conditions and terms of the agreement between parties for a particular transaction or arrangement.

Privity

Privity refers to a close, direct, or successive relationship between two parties, especially one recognized by law, such as between lessor and lessee or between buyer and seller.

Tangible Stake

A concrete or physical interest, investment, or asset in a project or outcome.