Examlex
Given any upward-sloping supply curve for a good,the more elastic the demand curve,the _____ equilibrium output will fall and the _____ will be the deadweight loss when the government imposes an excise tax.
Essential Terms
Fundamental conditions or clauses in a contract that are critical to its enforcement and interpretation.
Clearly Specified
means stated or described in a manner that leaves no ambiguity regarding the details or requirements.
Past Consideration
Anything given or promised to be given in the past, which cannot be considered valuable in the context of forming a current contract.
Law of Consideration
A principle in contract law that requires an exchange of something of value between the contracting parties.
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