"An Increase in the Price of a Product Causes Consumers

question 9

True/False

"An increase in the price of a product causes consumers to purchase more of that product" is an example of a positive economic statement.

---

Definitions:

Oral Sales Contract

A verbal agreement between parties for the purchase and sale of goods or services, which may be legally binding depending on the context and the nature of the transaction.

Enforceable

Refers to a legal agreement that can be upheld or compelled in a court of law.

UCC's Statute

A legal guideline adopted to harmonize the law of sales and other commercial transactions across the United States.

Price Term

A condition in a contract specifying the amount to be paid for the goods or services.