Which of the Following Statements Is TRUE

question 45

Multiple Choice

Which of the following statements is TRUE?

• A)A term of fitness for general use can be excluded by agreement of the parties.
• B)A term of fitness for a particular use can be excluded by agreement of the parties.
• C)A term that goods sold by description correspond with their description can be excluded by agreement of the parties.
• D)Both A and B
• E)All of the above

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Definitions:

Production Process

The series of steps and operations involved in the creation of a product from raw materials to the finished goods.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a specified period.

Short-Run Supply

The supply of goods or services that can be adjusted in a relatively short period to meet changes in demand.

Long-Run Supply

The total quantity of goods or services that producers are willing and able to supply over a long period, considering all inputs and production costs are variable.