Question: Please answer all questions and draw a graph wherever necessary. 1. Explain why a point inside the PPC would be considered as an inefficient one.

Please answer all questions and draw a graph wherever necessary. 1. Explain why a point inside the PPC would be considered as an inefficient one. 2. Explain the conditions under which a shortage and a surplus would exist in a market. 3. If the price of Pepsi per unit falls, explain how the demand for Coca Cola might be affected. 4. If the number of consumers increase and the number of producers in a market decrease, explain the impact on the market equilibrium. 5. If the price of gasoline goes up, explain the impact on its quantity demanded. ] (1) What does the Statute of Frauds do? (2) What is the Uniform Commercial Code (UCC)? (3) What is the one-year rule in contract law? (4) What is a prenuptial agreement? (5) If a contract is for the sale of goods, what is the minimum price that would require a writing? (6) What does the parol evidence rule state? (Note: It is not parole evidence.) (7) What is the difference between assignment and delegation in contract law? (8) What are third-party beneficiaries? Which ones can enforce contracts? (9) What does the statute of limitations do? (10) What is meant by breach of contract? (11) What is the difference between complete and substantial performance of contract obligations? (12) What is the difference between compensatory and consequential damages? (13) What are punitive damages? (14) What does a liquidated-damages clause do? (15) What is meant by the duty to mitigate damages? (16) What is specific performance? (17) What does a merger clause in a contract do? (18) What is an accord and satisfaction? (19) What is meant by commercial impracticability? (20) What is meant by a remedy in contract law? (21) What is a novation? (22) Have you or anyone you know ever had a contract dispute, small or large? (Most of us will have one at some time or a so, write a page or two about it and how it turned out

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