A Witness Testifies Based on His or Her Personal Knowledge

question 28

Essay

A witness testifies based on his or her personal knowledge, subjecting his or her testimony to cross-examination. Give some examples as to how this testimony may be attacked on cross-examination by calling into question the witness's ability to observe the events.

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Definitions:

Economic Profit

The difference between the firm’s total revenues and its total costs, including both the explicit and implicit cost components.

Economic Losses

Occur when a company's total costs exceed its total revenues, leading to negative profitability.

Break Even

The point at which total costs and total revenue are equal, resulting in no net gain or loss for a business.

Long-Run Economic Losses

Persistent negative financial outcomes for firms or the economy that occur over an extended period, often due to structural issues.