Which One of the Following Would Normally Be Considered as One

question 56

Multiple Choice

Which one of the following would normally be considered as one of the 'costs of quality'?

• A) Research and development costs
• B) Stockholding costs
• C) Internal failure costs
• D) Marketing costs
• E) Distribution costs

Understand the basic principles of product liability, including the concept of strict liability.

Recognize the doctrine of strict liability and its application to sellers, manufacturers, and wholesalers.

Understand the distinction between liability for personal injury and property damage.

Learn the essential elements required to establish an action in strict product liability.

---

Definitions:

Market Price

The going rate at which a particular market offers to buy or sell an asset or service.

Average Revenue

The revenue earned per unit of output sold; calculated by dividing the total revenue by the number of units sold.

Total Revenue

The total amount of money received by a firm from selling its goods or services.

Total Cost

The complete amount of money required for the production of a given level of output, including both fixed and variable costs.