-The Above Figure Illustrates the Demand Curve for a Good

question 369

Multiple Choice

-The above figure illustrates the demand curve for a good. The good has

• A) no substitutes.
• B) only one substitute.
• C) only a few substitutes.
• D) many substitutes.

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Definitions:

Ocean-Going Vessel

A ship designed and equipped to travel on the open sea, often for the transportation of goods or passengers between distant ports.

Express Warranty

A clear, explicit promise made by a seller about the quality or functionality of a product.

Implied Warranty

A legal assumption that a product will meet the standards of acceptability and usability without explicit statement by the seller.

Res Ipsa Loquitur

A doctrine that allows a judge or jury to infer that, more likely than not, the defendant’s negligence was the cause of the plaintiff’s harm even though there is no direct evidence of the defendant’s lack of due care.