Which of the Following Statements Best Explains the Standard of Care

question 28

Multiple Choice

Which of the following statements best explains the standard of care in the law of tort?

• A) The standard is one that differs from person to person and activity to activity.
• B) The standard is the same for all persons and activities.
• C) The standard is one that the lawyer expects.
• D) The standard is one that the judge expects.
• E) The standard is one that society expects.

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Definitions:

Average Revenue

The revenue a firm receives per unit of output sold, calculated by dividing total revenue by the quantity of output.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, holding other factors constant.

Total Revenue

The total receipts or income a firm receives from the sale of its products or services, calculated as the unit price times the quantity sold.

Average Revenue

The amount of income that a company receives per unit of sale, calculated by dividing total revenue by the number of units sold.