A Class-Action Suit Is One in Which

question 14

Multiple Choice

A class-action suit is one in which

• A) every person with standing to sue does so simultaneously.
• B) a suit is brought by one or more people which seeks damages for all who are similarly affected.
• C) standing to sue is based on socio-economic class.
• D) Both A and C.
• E) None of the above.

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and prices adjust fully to economic changes, with all markets clearing and no external pressures affecting supply and demand.

Efficient Scale

The quantity of output that minimizes average total cost.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, leading to competition based on factors other than price.