A Payee Who Has No Existence or Is Intended to Have

question 3

Multiple Choice

A payee who has no existence or is intended to have no interest in the instrument is a(n) _____.

• A) imposter
• B) holder
• C) carrier
• D) fictitious payee
• E) obligee

---

Definitions:

Linear Demand Curve

A graphical representation showing a straight-line relationship between the quantity demanded of a good and its price.

Price Elasticity

A measure of the sensitivity of demand for a product in response to a change in its price.

Perfectly Elastic Demand

The case in which any price increase will cause the quantity demanded to drop to zero; the demand curve is a horizontal line.

Demand Curves

Graphical representations showing the quantity of a particular good that consumers are willing to buy at different price levels, assuming other factors remain constant.