The Concept of Immunity from Liability Means That

question 32

Multiple Choice

The concept of immunity from liability means that:

• A) one who harms another can be held liable only for voluntary acts.
• B) certain persons are not subject to tort liability.
• C) one who harms another without intending to do so is not subject to tort liability.
• D) one who harms a child can never be sued by the parents of the injured child.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, typically illustrated as the area above the supply curve and below the market price.

Price Ceiling

A legally imposed limit on how high a price for a good, service, or commodity can be charged.

Market Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the good all suppliers are willing and able to produce, holding other factors constant.