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Lena borrows from Mac and Nicol,using the same collateral for both loans. Only Nicol has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral is
Budget Constraint
Represents the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.
Income
The monetary payment received for goods or services, or from investments, typically measured per period like annually or monthly.
Apples
A popular fruit cultivated worldwide, known for its variety in taste, color, and utility in both raw and cooked forms.
Bananas
A kind of extended, consumable fruit that comes from a range of big, herbaceous blooming plants belonging to the Musa genus.
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