Refer to the Following Graph to Answer the Question

question 18

Multiple Choice

Refer to the following graph to answer the question: Suppose price rises from $90 to $110.Using representative arrows,the quantity effect is a relatively ________ short,long) arrow pointing _______ upward,downward) .

• A)short; upward
• B)short; downward
• C)long; upward
• D)long; downward

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Definitions:

Agency by Estoppel

A principle by which a person or entity is prevented from denying the authority of another who has been allowed to act as their agent, despite not officially having been granted the role.

Equitable Agency

A principle where an agent has the authority to act on behalf of a principal, based on fairness and justice.

General Power of Attorney

A legal document granting someone authority to act on another person's behalf in a variety of matters.

Legal Documents

Written instruments that formalize agreements, rights, or obligations legally enforceable by law, such as contracts, wills, and deeds.