Sid Burned His Own Warehouse in an Attempt to Collect

question 29

Multiple Choice

Sid burned his own warehouse in an attempt to collect on a fire insurance policy.Sid has committed

• A)arson since he maliciously used fire to damage or destroy personal property.
• B)larceny since he committed an act intended to wrongfully obtain money from his insurance company.
• C)a crime called "burning to defraud insurers" since the crime of arson only applies to property owned by another person.
• D)an intentional tort,but not a crime since a person has a right to destroy his own property.

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Definitions:

Perfect Competitor

A firm in a perfectly competitive market, having no control over market price and where goods offered are perfect substitutes.

Differentiated Product

A product that has been designed or marketed to stand out from similar products offered by competitors.

Elastic

Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to buy at various prices.