On January 1,Kane Issues a Note Payable to Lorena on May

question 6

Multiple Choice

On January 1,Kane issues a note payable to Lorena on May 1.On April 29,Kane dies.In this situation,the note is

• A)dishonored.
• B)payable immediately.
• C)payable within a reasonable time.
• D)payable May 1.

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Definitions:

Perfectly Inelastic

A situation in which the quantity demanded or supplied does not change regardless of any change in price.

Fixed Number

A specific, unchanging quantity that does not vary under different conditions or over time.

Supply Curve

A graph showing the relationship between the price of a good and the amount of it that producers are willing to supply at those prices.

Short-Run Elasticity

Refers to the responsiveness of the quantity demanded or supplied of a good or service to a price change over a short period.