As the Owner of a Business That Sells Alarm Clocks

question 111

Multiple Choice

As the owner of a business that sells alarm clocks, I want to hire workers who will sell as many of these clocks as possible. If I perceive the moral hazard to be strong among my sales employees, what could I do to minimize it?

• A) I could offer a significant signing bonus.
• B) I could offer a constant hourly wage.
• C) I could offer a constant yearly salary.
• D) I could pay employees a percentage of their sales.
• E) I could conduct a lengthy interview process.

Identify the legal consequences of selling property with known defects and the responsibilities of the seller.

Understand the importance and procedure of recording in property law and how it affects property ownership transfer.

Analyze legal strategies available for resolving family disputes over inheritance and property rights.

Interpret the role and legal implications of adverse possession in property law.

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Definitions:

Marginal Utility

The additional satisfaction or benefit (utility) a consumer derives from consuming an additional unit of a good or service.

Total Utility

The total satisfaction received from consuming a certain quantity of goods or services.

Consumer Surplus

The difference between the maximum amount a consumer is willing to pay for a good or service and the actual amount they do pay.

Marginal Utility

The additional satisfaction or utility that a consumer receives from having one more unit of a good or service.