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Apples are a normal good, so if the price of an apple increases from 50¢ to 60¢, the quantity of apples demanded decrease because of
Collateral
An asset offered as security for a loan, which can be seized by the lender if the borrower defaults on the loan payments.
Security Agreement
A legal document that secures an interest in collateral for a lender in a secured transaction.
Describe
To give a detailed account or explanation of something.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to meet repayment terms.
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