________ Refers to an Alteration or a Modification of a Product

question 37

Multiple Choice

________ refers to an alteration or a modification of a product by a party in the chain of distribution that absolves all prior sellers from strict liability.

• A) Generally known danger
• B) Assumption of the risk
• C) Abnormal misuse
• D) Supervening event

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Definitions:

Target Return-on-sales Pricing

A pricing strategy aiming to achieve a specific return on sales, calculated by setting prices based on the desired profit margin over costs.

Target Return-on-investment Pricing

A pricing strategy that sets the price point based on a projected or desired return on investment.

Sales Volume

The total number of units sold within a specific time frame, indicating the overall performance of a product or business.

Spreadsheet Simulation

A computational model built using spreadsheet software to analyze the implications of various assumptions and scenarios, often in the context of decision-making.