A Title Acquired from Someone Who Already Owns the Goods

question 53

Multiple Choice

A title acquired from someone who already owns the goods free and clear is known as a ________.

• A)Good title
• B)True title
• C)Substantiated title
• D)Examined title
• E)Voidable title

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which each seller offers an essentially identical item.

Efficient Outcomes

An economic condition whereby resources are allocated in the most effective manner, maximizing overall welfare.

Demand Curves

Graphic representations showing the relationship between the price of a good or service and the quantity of that good or service people are willing and able to buy.