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a. What is the difference between a "change in demand" and a "change in quantity demanded?" Graph your answer.
b. For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand.
Stolen Vehicle
A vehicle that has been taken without the owner’s permission, often involved in criminal activities.
Goods-In-Bailment Contract
A legal agreement where personal property is transferred into the possession of another for a specific purpose, but ownership is not transferred.
Negotiable Document
A legal document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the property it represents being transferable from one person to another.
Nonnegotiable Document
A legal document that cannot be transferred or assigned to another party through endorsement or delivery.
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