Answer: D. liable in strict liability based on a manufacturing defect theory.
Explanation: The company can be held liable based on manufacturing defect theory, if it is proved that it was because of a manufacturing defect on that particular toaster that lead to the dead of the boy.
Since the woman's son was electrocuted by the toaster for no apparent reason the company will be held liable for the dead of the boy.
Answer:
a) & 2) ; b) & 1) ; c) & 4) ; d) & 3)
Demand Curve ; Demand Schedule
Explanation:
a) A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices : 2) Demand Curve
b) The amount of a good that buyers are willing and able to purchase at a given price : 1) Quantity Demanded
c) The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good : 4) Law of Demand
d) A table showing the relationship between the price of a good and the amount that buyers are Willing and able to purchase at various prices : 3) Demand Schedule
- If Rina's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct<u> Demand Curve</u> using the data provided.
- If Rina's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that <u>Demand Schedule</u> would be more appropriate.
Based on the type of business they run, we can infer that the wall clocks are <u>outputs. </u>
Operations involve:
- Inputs - materials and labor used to produce goods and services
- Equipment - help the labor produce
- Outputs - these are the final products of the production process
The wall clocks are sold by Claudia and Giada and so can be referred to as the final product of their business. This means that the wall clocks are therefore outputs.
In conclusion, the wall clocks are output.
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Answer:
additional firms will be attracted into the market until price falls to the level of per-unit production cost
Explanation:
A price taker is a firm or a seller who is not able to set the market price for its goods and services. Instead, the price taker accepts the price set by market forces - forces of demand and supply.
An example of a price taking firm is a firm in a perfect competition
If a firm is able to charge prices above production costs, the firm is earning an economic profit
If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Answer:
The bank can increase its loans by a maximum of $3750.
Explanation:
required reserves = Deposits×reserve ratio
= $5000×25%
= $1250
Lending capacity or loan = Deposits - required reserves
= $5000 - $1250
= $3750
Therefore, the bank can increase its loans by a maximum of $3750.