All of the Following Apply to Strict Tort Liability Except

question 44

Multiple Choice

All of the following apply to strict tort liability except:

• A) strict tort liability is independent of the UCC.
• B) strict tort liability has abolished privity of contract.
• C) strict tort liability requires the defect exists at the time of manufacture.
• D) strict tort liability requires assumption of the risk.

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers, typically downward-sloping, indicating an inverse relationship.

Marginal Revenue

The additional income that a company generates from selling one more unit of a good or service.

Pure Monopolist

A market participant that is the sole supplier of a unique product without close substitutes, possessing significant control over market prices.

Total Revenue

The total income earned by a firm from selling its products or services.