Use the Following to Answer Questions

question 13

Multiple Choice

Use the following to answer questions:
Figure: Maximum Willingness to Pay
-(Figure: Maximum Willingness to Pay) Refer to the figure. What is the maximum price that the consumer is willing to pay for 100 units?

• A) $100
• B) $80
• C) $75
• D) $90

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Definitions:

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.

Certified Cheque

A bank-endorsed cheque that confirms the drawer has sufficient funds in their account to cover the cheque's amount.

Bill Of Exchange

A written, unconditional order by one party directing another party to pay a fixed sum of money to a third party on demand or at a set time.

Accepted

Accepted refers to the express or implied approval or agreement to the terms of an offer, thereby creating a binding contract between the parties involved.