Which Statement Is Correct Regarding the UCC and Norms in the Industry

question 87

Multiple Choice

Which statement is correct regarding the UCC and norms in the industry?

• A)The UCC requires that courts consider norms in a particular trade only if goods with a unit price of over $500 are involved.
• B)The UCC allows courts to consider norms in a particular trade only if the perfect tender rule has been satisfied.
• C)The UCC requires that courts consider norms in a particular trade only if consumer goods are involved.
• D)The UCC requires that courts consider norms in a particular trade.
• E)The UCC does not require that courts consider norms in a particular trade.

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Third-Degree Price Discrimination

Practice of dividing consumers into two or more groups.

Price Elasticities

Measures of how the quantity demanded or supplied of a good responds to a change in its price.

Marginal Revenue

The additional income gained from selling one more unit of a product or service.