When Long-Run Average Costs Increase as a Result of Industry

question 149

Multiple Choice

When long-run average costs increase as a result of industry growth, there are

• A) internal economies.
• B) internal diseconomies.
• C) external economies.
• D) external diseconomies.

Distinguish between express and implied warranties in sales contracts.

Recognize the automatic provision of warranties of title in sales transactions and implications of breaching these warranties.

Evaluate how sellers can disclaim or modify warranties and when such disclaimers or modifications are effective.

Identify the nature of puffery and its distinction from express warranties.

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Definitions:

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Public Service Announcement

A message in the public interest disseminated without charge, with the objective of raising awareness or changing public attitudes and behavior towards a social issue.

Child Obesity

A serious medical condition affecting children and adolescents characterized by excess body fat that presents significant health risks.

Michelle Obama

Michelle Obama is a former First Lady of the United States, known for her advocacy on issues such as education, health, and poverty.