-Refer to the Graph Above to Answer This Question

question 170

Multiple Choice

-Refer to the graph above to answer this question.Suppose that G equals $650,I equals $380 and X equals $170.What is the value of equilibrium income?

• A)0.
• B)$500.
• C)$1,200
• D)$1,400.
• E)$1,600.

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Definitions:

Injunction

A legal order from a court that compels a party to do or to refrain from doing specific acts, often used to prevent harm or to preserve status quo pending litigation.

Quantum Meruit

Quantum Meruit is a legal principle that allows a party to recover the reasonable value of services provided, even if there was no formal contract, under circumstances where payment is expected.

Substantial Performance

Substantial performance is a legal principle indicating that if a party has performed enough of its contractual obligations, they are entitled to payment, though possibly reduced for any unfinished or defective work.

Specific Performance

A legal remedy in contracts where the court orders one party to fulfill their specific duties under the contract, rather than seeking damages for breach.