In Deciding Whether the Salient Features of the Case Are

question 33

Multiple Choice

In deciding whether the salient features of the case are consistent with the existence of a duty of care, will the court take into account (i) the need for coherency in the law, (ii) the possibility of conflicting duties of care, (iii) the possibility of indeterminate liability, or (iv) the need for people to take responsibility for each other's actions?

• A)i, ii, iii.
• B)i, iii, iv.
• C)ii, iii, iv.
• D)i, ii, iii, iv.

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Definitions:

Perfect Competition

An idealized market structure in which there are many buyers and sellers, no barriers to entering or exiting the market, and products are identical.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the true profitability of a firm.

Profit-Maximizing

A method or strategy businesses use to achieve the highest possible profit from their operations.

Perfectly Competitive

Refers to a market structure where many firms sell identical products, and there are no barriers to new firms entering the market.