Warranties That Are Not Written but That Are Inherently Understood

question 11

Multiple Choice

Warranties that are not written but that are inherently understood are

• A)implied warranties.
• B)written warranties.
• C)common warranties.
• D)merchantability warranties.

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Definitions:

Preference Map

A relationship between two variables, X and Y, in which a decrease in X is associated with a decrease in Y, and an increase in X is associated with an increase in Y.

Indifference Curve

a graph showing different combinations of two goods that give a consumer equal satisfaction and utility.

Budget Constraint

The limitations on the consumption choices of an individual or household due to limited financial resources.

MUx/MUy

Represents the marginal utility of good x divided by the marginal utility of good y, often used in consumer choice theory to analyze optimal consumption points.