What Is the Difference, If Any, Between Implied and Express

question 18

Multiple Choice

What is the difference, if any, between implied and express warranties?

• A) Implied warranties arise automatically and express warranties require an affirmative act or statement by the seller.
• B) Only merchants can create implied warranties, while anyone can create an express warranty.
• C) Implied warranties do not involve any communication from the seller to the buyer.
• D) There is no difference; they are simply different sections of the UCC.

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Definitions:

Long-Run Average Total Cost Curve

A graphical representation that shows the lowest possible cost at which a firm can produce any given level of output when all inputs are variable.

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Gasoline Prices

The cost per unit volume of gasoline, typically influenced by factors like crude oil prices, taxes, and demand.

MC, AVC, ATC Curves

Graphs representing marginal cost, average variable cost, and average total cost, respectively, as functions of quantity produced.