Strict Liability Typically Is Applied to Situations Where a Person

question 84

True/False

Strict liability typically is applied to situations where a person chooses an activity that creates a risk of harm to others.

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Definitions:

Negative Externalities

External costs.

Marginal Social Cost

Marginal social cost is the total cost society bears for the production of an additional unit of a good or service, considering both private costs and any external costs.

Species Extinction

The permanent disappearance of a species from Earth.

Property Rights

Legal rights to possess, use, and dispose of assets, including land, buildings, and intellectual property.