Warranties Which Specifically State the Bounds of Coverage, and More

question 60

Multiple Choice

Warranties which specifically state the bounds of coverage, and more important, areas of non-coverage are called_________ warranties.

• A)implied
• B)limited-coverage
• C)strict-liability
• D)functional

---

Definitions:

Average Variable Costs

The sum of all variable production costs divided by the total number of units produced.

Output

The amount of something produced by a person, machine, or industry.

Average Cost

The total cost divided by the quantity produced, measuring how much on average each unit of output costs to produce.

Average Fixed Cost

The total fixed costs of production divided by the quantity of output produced; it decreases as production increases.