-Refer to the Above Figure

question 147

Multiple Choice

-Refer to the above figure. At a price of four cents, a(n) ________ of bubble gum will exist in the market.

• A) surplus
• B) shortage
• C) excess quantity demanded
• D) equilibrium quantity

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Definitions:

Statute of Frauds

A legal doctrine that requires certain types of contracts to be in writing and signed by the party to be charged, to be enforceable.

Writing

The process of using symbols, such as letters, to communicate thoughts and ideas in a readable form.

Enforceable

Capable of being imposed or implemented legally, such as a contract or rule.

Contracts

Legally enforceable agreements between two or more parties with mutual obligations.