To Be Enforceable,a Contract for a Sale of Goods Priced

question 18

True/False

To be enforceable,a contract for a sale of goods priced at $500 or more should be in writing.

---

Definitions:

Deadweight Loss

The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is distorted.

Equilibrium

An economic situation in which no individual would be better off doing something different.

Perfectly Inelastic

A situation where the demand or supply for a good is completely unresponsive to changes in price.

Deadweight Loss

A loss of economic efficiency that can occur when the optimal allocation of resources is not achieved, often due to market failures or government interventions.