Which of the Following Is True of Adopting the Restatement

question 99

Multiple Choice

Which of the following is true of adopting the Restatement (Third) of Torts: Product Liability?

• A) The seller's liability differed depending on whether the defect was a manufacturing defect, a design defect, or a defective warning.
• B) The seller's liability differed depending on whether the plaintiff was a merchant, a consumer, or a minor.
• C) The privity limitation was reinstated as a defense to product liability lawsuits.
• D) The state-of-the-art defense is permitted by courts in most strict liability cases.

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Definitions:

Cross-price Elasticity

A measure of how the demand for one good responds to a change in the price of another good.

Shrimp

A small, decapod crustacean commonly found in marine and freshwater environments, often used as food.

Midpoint Formula

A method used to calculate the elasticity of demand or supply by averaging the start and end points of a range.

Price Elasticity

A gauge for the sensitivity of the amount of a good that is demanded or offered to alterations in its pricing.