If the Law of Increasing Opportunity Costs Is Operable,and Currently

question 24

Multiple Choice

If the law of increasing opportunity costs is operable,and currently the opportunity cost of producing the 101st unit of good X is 5Y,then the opportunity cost of producing the 201st unit of good is X is

• A) less than 5Y.
• B) greater than 1/5Y but less than 5Y.
• C) greater than 5Y.
• D) less than 1/5Y but more than zero.

Identify the requirements for a valid warranty claim under the Uniform Commercial Code (UCC).

Differentiate between warranty of merchantability and warranty of fitness for a particular purpose.

Recognize the role and limitations of the "caveat emptor" principle in modern commercial law.

Apply the theory of product liability and understand the conditions under which a party can be held liable.

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