James Is in an Art Gallery When Will,who Has No

question 30

Multiple Choice

James is in an art gallery when Will,who has no special art expertise,points to a painting and says "That artist is so good.That piece will be worth a fortune in a few years!" James buys the painting,which does not turn out to be valuable.James tries to return the painting and recover his purchase price.A court will

• A)order the art gallery to pay James the full purchase price.
• B)order Will to pay James the full purchase price.
• C)enforce the contract between James and the art gallery.
• D)enforce the contract between James and the art gallery,but order Will to pay James the full purchase price.

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Definitions:

Equilibrium Price

The price at which the quantity of goods supplied equals the quantity demanded.

Tennis Balls

Small, usually yellow, hollow rubber balls covered in a fibrous felt, used in the game of tennis.

Tennis Racquets

Sporting equipment consisting of a handled frame with an open hoop across which a network of strings is stretched, used to hit a tennis ball.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing to buy at each price point.