Strict Liability

question 42

Multiple Choice

Strict liability

• A)absolves the defendant from all liability.
• B)establishes the amount of damages that is payable to an injured party.
• C)requires that the plaintiff strictly prove that the defendant was at fault.
• D)means that liabilities are strictly enforced.
• E)removes the onus on the plaintiff to show that the defendant is at fault.

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Definitions:

Tickets

Documents or electronic codes that grant the holder the right to enter an event, travel on a vehicle, or participate in an activity.

Economic Profits

Profits exceeding the opportunity costs of all resources used in production, including the cost of capital.

Marginal Analysis

The examination of the benefits and costs of choosing one more or one less unit of a good or service.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of selling or renting them to others.