Which of the Following Ideas or Facts Does Not Offer

question 44

Multiple Choice

Which of the following ideas or facts does not offer grounds to support the conclusion that our society needs strong consumer protection laws?

• A)The idea that if people are unwise enough to enter into bad business deals then they ought to be responsible for the outcomes of their choices.
• B)The fact that in modern times there is generally a gross inequality of bargaining power between consumers and the business organisations they deal with.
• C)The fact that common law rules are usually too complex and limited to be of real help to a consumer who is in dispute with a business.
• D)The fact that the number of consumer transactions have generally increased in recent years.

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Definitions:

Simplifying Assumptions

Basic assumptions made to make complex economic models more understandable and manageable by ignoring certain factors.

Mathematical Equations

Symbolic representations of relationships between variables or quantities, defined by mathematical operations.

Economic Hypothesis

A proposed explanation for economic phenomena that is testable and can be confirmed or refuted by observation and experimentation.

Economic Principle

A widely accepted generalization about the economic behavior of individuals or institutions.