Which of the Following Would a Litigation Lawyer Most Likely

question 75

Multiple Choice

Which of the following would a litigation lawyer most likely indicate as being the type of liability imposed by a court where it is not open to the accused to show he was without fault?

• A) primary liability
• B) absolute liability
• C) vicarious liability
• D) strict liability

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Definitions:

Homogeneous

Describes products, goods, or services that are identical in features and quality, making them indistinguishable from one another to consumers.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and very easy entry and exit.

Herfindahl Indexes

Measures of market concentration, calculated by summing the squares of the market shares of all firms within the industry to assess the competitive landscape.

Market Power

The ability of a company or entity to influence or control prices and total market output in an industry.