Refer to the figure above. If AD1 shifts to AD2, then the equilibrium output:
Definitions:
Bilateral Contract
An agreement involving two parties where each promises to perform an act in exchange for the other's act.
Return Promise
An agreement in a contract where one party promises to perform an action in response to the performance of a second party.
Objective Standard
An objective standard refers to a legal criterion that is based on factual measurements or external circumstances, rather than personal opinions or feelings.
Contractual Obligations
A legal duty that arises from agreements made between parties, requiring them to act or refrain from acting in certain ways.
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