During the Trial of a Suit Concerning the Terms of a Contract

question 62

Multiple Choice

During the trial of a suit concerning the terms of a contract between Marvel and Nina, the plaintiff's attorney presents evidence from Ochre, who is not an expert in the field about which he is being questioned. Ochre can

• A)testify about any of the facts in the case.
• B)testify only about what he personally observed.
• C)offer his opinion about any of the evidence.
• D)offer his conclusion with regard to the case.

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Definitions:

Market Demand

The aggregate amount of a product or service that every consumer in a market is prepared and capable of buying at different price levels.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing firms to make adjustments and the market to stabilize at a point where supply equals demand.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical.

Short Run

A period of time in economics during which at least one input is fixed and cannot be changed by businesses.