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Cailee has a garage sale at which she sells a defective food processor to Dylan.Cailee will be liable to Dylan in strict tort liability under Section 402A of the Restatement of Torts if he is injured using the product.
Total Revenue
The sum of money a company earns from selling products or providing services in a specific time frame.
Elastic
Describes a situation where the quantity demanded or supplied of a good or service is highly responsive to changes in its price.
Inelastic
Characterizes a situation where the demand for a product is not significantly affected by changes in price.
Elastic
Describes a situation in economics where the demand for a product or service significantly changes in response to a change in price.
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