Related to the Economics in Practice on Page 77: If

question 54

Multiple Choice

Related to the Economics in Practice on page 77: If a hurricane results in the supply of hotel rooms decreasing and the demand for hotel rooms increases, the equilibrium price for hotel rooms ________ and the equilibrium quantity of hotel rooms ________.

• A) will increase; will decrease
• B) will increase; may increase, decrease, or stay the same
• C) may increase, decrease, or stay the same; will decrease
• D) may increase, decrease, or stay the same; may increase, decrease, or stay the same

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Definitions:

Non Est Factum

A plea asserting that an agreement is void because the signer was unaware of its essence due to deception or misunderstanding.

Illegality of Object

Refers to a principle in contract law that prohibits the enforcement of agreements that involve an illegal purpose or object.

Rescission

The legal act of cancelling or annulling a contract, returning all involved parties to their state prior to the contract's formation.

Statutory Assignment

The transfer of rights or benefits from one party to another in accordance with statutory provisions.