Define the Concept of Products Liability and Explain Why Firms

question 66

Essay

Define the concept of products liability and explain why firms face higher liability costs in the United States.

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Definitions:

Bogie Centerline

The central axis running through a bogie, which is a framework carrying wheels, attached to vehicles like trains and trailers for better load distribution.

Tandem Drive

The typical two rear-axle drive system used in a three-axle highway tractor. The front axle on a typical highway tractor is the steer axle, while the tandem rear axles drive the truck.

Front Axle

The forward-most axle in a vehicle, often supporting the front part of the vehicle and, in many cases, incorporating steering mechanisms.