Examlex
A firm should keep producing output as long as the marginal profit is greater than zero, no matter how small it is.
Express Warranties
Explicit promises or assurances made by a seller regarding the condition, functionality, or quality of a product.
Common Law Language
The language used in common law jurisdictions, based on judicial decisions and customs, as opposed to statutes.
Implied Warranty
An unwritten guarantee that a product will meet a minimum level of quality and functionality.
Merchantability
A warranty that goods sold will be of average quality, fit for the general purpose for which they are sold.
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