Which of the Following Statements Does Not Describe the Standard

question 29

Multiple Choice

Which of the following statements does not describe the standard expected of experts?

• A) Require skills and abilities expected of a professional in that field.
• B) Must exercise skill with degree of care expected from a reasonable person in that profession.
• C) Inexperience does not excuse incompetence.
• D) Common practice always sets the appropriate standard.
• E) The standard of an expert need not be perfection.

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Definitions:

Competitive Economy

An economic system where many firms compete to sell their goods and services, with minimal barriers to entry and exit.

Elasticity Of Demand

An indicator of the sensitivity of demand for a product to fluctuations in its price.

Marginal Cost

The additional total expense that results from the creation of one more unit of a product or service.

Monopoly Power

The ability of a single seller to control prices and total market supply in an industry.