Which of the Following Is NOT a Requirement in Order

question 60

Multiple Choice

Which of the following is NOT a requirement in order for goods to be merchantable?

• A) That goods must pass without objection in the trade or market for similar goods.
• B) That goods must be fit for the ordinary purposes for which such goods are used.
• C) That goods must be adequately contained, packaged, and labeled as the agreement may require.
• D) That goods must conform to the promises or affirmations made on the container or label, if any.
• E) That goods must be sold without variation.

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Definitions:

Profit

Profit is the financial return or gain achieved from an investment or business venture after subtracting all expenses and costs.

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, leading to market balance.

Competitive Price-Taker

A firm or individual that has no influence over the market price and must accept the prevailing market price for its product or input.

Profit

The financial gain made in a transaction or operation, calculated as the difference between the revenue earned and the costs incurred.