A Participant in an Activity Subject to Strict Liability Is

question 97

True/False

A participant in an activity subject to strict liability is liable for damages even if there is no fault on the part of the participant.

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Definitions:

Income Elasticity

A measure of how the demand for a good or service changes relative to a change in consumers' income.

Normal Good

A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.

Inferior

A term used in economics to describe goods whose demand decreases as the income of the consumer increases, contrasted with normal goods.

Input Costs

Input costs are the prices of the raw materials, labor, and other resources required to produce a good or service.