A significant application of this doctrine is in the area of <u>"product liability".</u>
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Product liability refers to a manufacturer or seller being held liable for setting an inadequate item under the control of a consumer. Responsibility regarding an item deformity that causes damage lies with all dealers of the item who are in the distribution chain. In general terms, the law necessitates that an item meet the customary desires for the buyer. At the point when an item has an unforeseen defect or danger, the item can't be said to meet the common desires for the consumer.
Answer:
greater than economic profit because the former does not take implicit costs into account.
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business. They include rent , salary and cost of raw materials
an example
revenue = 100
explicit cost = 50
implict cost = 20
accounting profit = 100 - 50 = 50
economic profit = 50 - 20 = 30
economic profit is less than accounting profit
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
When the new writers' agreement comes into effects, the result will be a PRICE INCREASE in the market for video rentals, which will DECREASE the consumer surplus in the market for video rental.
Video rental and pay per view movies are substitute goods. The royalty payment that the screen writers are demanding for will increase the price of video rental and this will make the consumers to consume less of video rental and more of pay per view movies.
What are the answers choices ?! I need to know so I can help and not get you wrong
Answer: Planning
<span>Controlling, leading, planning and organizing are four functions of a manager. If your aim is to improve the efficiency of your business unit, you ought to review the latest productivity and efficiency metrics to identify ways to keep inventory costs down. You set a goal to keep inventory costs down so you are in the planning stage. In the planning process, you need to know information needed to make effective management decisions like resources and productivity. </span><span> </span>