Economists Jevons, Menger, and Walras Are Credited With

question 198

Multiple Choice

Economists Jevons, Menger, and Walras are credited with:

• A) explaining the limitations of monetary policy.
• B) formulating the theory of comparative advantage.
• C) developing the concept of opportunity cost.
• D) starting the "marginal revolution."

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Definitions:

Implied Warranty of Merchantability

A legal assumption that the goods sold meet certain quality standards, including that they are reasonably fit for their ordinary purpose.

Express Warranty

An explicit promise or assurance made by a seller about the condition, functionality, or quality of a product.

Sales Transaction

The process of exchanging a good or service for payment between a buyer and a seller.

Implied Warranty

A legal assumption that a product will meet basic standards of quality and functionality, even if not expressly stated.