Mark, a Resident of Illinois, While Driving on the Freeway

question 58

Multiple Choice

Mark, a resident of Illinois, while driving on the freeway, hits Bill, a resident of Wisconsin, and totally destroys Bill's brand new vehicle.Bill may bring suit in federal district court:

• A)because of federal question jurisdiction.
• B)because there is always jurisdiction if there is diversity of citizenship.
• C)if the amount in controversy is over $75,000.
• D)if the accident occurred outside of Illinois or Wisconsin.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold.

Average Costs

The cost per unit is found by dividing the overall production cost by the quantity of units produced.

Market Price

The current price at which an asset or service can be bought or sold in the market.

Marginal Cost

The increase in total production costs resulting from the production of one additional unit of a product or service.