The Phrase "General Liability" Is Used to Refer to the Legal

question 38

Multiple Choice

The phrase "general liability" is used to refer to the legal liability of a business arising from all of the following EXCEPT

• A)employees injured on the job.
• B)defective products.
• C)liability assumed by contract.
• D)completed operations.

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Definitions:

Industry Exit

The process of firms leaving a market or ceasing production in a particular industry, often due to unfavourable market conditions, regulatory changes, or strategic re-alignments.

Markup

The amount added to the cost price of goods to cover overhead and profit; the difference between the cost of a product and its selling price.

Marginal Cost

Marginal cost is the change in the total cost that arises when the quantity produced changes by one unit.

Profit-Maximizing

A strategy where a business aims to achieve the highest possible profit from its operations.