Use the Following to Answer Questions

question 52

Multiple Choice

Use the following to answer questions:
-(Table: Producer Surplus) Look at the table Producer Surplus. If the price of a ticket to see The Nutty Nutcracker is $50, then Francisco's producer surplus is:

• A) $0.
• B) $40.
• C) $90.
• D) $240.

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Definitions:

Unmerchantable

Referring to goods or products that fail to meet minimum quality standards for sale to consumers or are otherwise unfit for their intended purpose.

Merchantability

A warranty that goods sold meet reasonable quality and usage standards as per the market.

Implied Warranty

A legal assumption that a product will meet certain standards of quality and reliability even if not explicitly stated.

Merchantability

Relates to the guarantee that a product sold meets reasonable expectations of performance and quality as understood in the marketplace.