-Refer to Figure 2

question 158

Multiple Choice

-Refer to Figure 2.15 to answer this question.Suppose that initially the market was in equilibrium and that demand increased by 60.What will be the new equilibrium as a result?

• A)A price of $1,000 and quantity traded of 120.
• B)A price of $1,000 and quantity traded of 160.
• C)A price of $1,200 and quantity traded of 160.
• D)A price of $1,400 and quantity traded of 160.
• E)A price of $1,400 and quantity traded of 240.

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Definitions:

Enforceable Agreement

A contract or agreement that can be upheld and compelled by law.

Mirror-Image Rule

A contract law principle stating that an acceptance must exactly match the terms of the offer for a legally enforceable agreement to exist.

Bilateral Contract

A legal agreement involving two parties where each promises to perform an act in exchange for the other's act.

Principles Of European Contract Law

A set of guidelines aimed at harmonizing contract law across European countries to facilitate cross-border trade and cooperation.