Cheryl Is a Professor at a Local University

question 152

Short Answer

Cheryl is a professor at a local university. She hired a student from the university to babysit for her children and paid the student a wage higher than the typical wage paid to babysitters in her area to ensure the babysitter's reliability and that attention is paid to her children. What is the name for this above-equilibrium wage?

---

Definitions:

Properly Packaged

Items or products are wrapped or contained in an appropriate manner to ensure safety, quality, and compliance with regulations.

Implied Warranty

A legal term for the guarantee or promise that a product will meet a minimum level of quality and functionality without being explicitly stated.

Particular Purpose

In a legal context, this refers to a specific use for which a product or service is intended or for which it is being sold to a consumer, who relies on the seller’s expertise.

Merchantability

A guarantee that a product will meet reasonable expectations of quality and usability for its intended purpose when sold.