Lawrence Is a Photographer

question 14

Multiple Choice

Lawrence is a photographer.He has $230 to spend and wants to buy either a flash for his camera or a new tripod.Both the flash and tripod cost $230,so he can only buy one.This illustrates the principle that

• A)trade can make everyone better off.
• B)people face trade-offs.
• C)rational people think at the margin.
• D)people respond to incentives.

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Definitions:

Coronation

The ceremony of crowning a sovereign or a sovereign's consort.

Equitable Remedies

Remedies granted by courts in cases where monetary damages are insufficient, often involving actions like injunctions or specific performance.

England

A country that is part of the United Kingdom, known for its rich history, cultural contributions, and legal system.

Novation

The act of replacing one party in a contract with a new party, or replacing an old contract with a new contract, with the agreement of all parties involved.