The Owner of Personal Property Is Entitled to the Return

question 4

Multiple Choice

The owner of personal property is entitled to the return of lost or misplaced property unless:

• A) the finder actually takes the object into her possession.
• B) the goods are found on private property.
• C) it was lost on public land or in a public area.
• D) he has intentionally abandoned it.
• E) the finder has expenses in connection with returning the property.

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Definitions:

Demand Curve Elastic

A characteristic of the demand curve where the quantity demanded by consumers changes significantly as a result of price changes.

Total Revenue

Total revenue is the total amount of money received by a firm from selling its goods or services before any expenses are deducted.

Price Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.

Demand Curve

A graph representing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping, indicating an inverse relationship between price and quantity demanded.