In Palsgraf V

question 220

True/False

In Palsgraf v. Long Island Railroad, Palsgraf was hurt at a train station by equipment that fell on her during an explosion. The New York high court held that there was no proximate cause to make the railroad liable.

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Definitions:

New Firms

Newly established businesses entering the market, often bringing innovation or increasing competition in their industry segment.

Creative Destruction

A concept in economics where new innovation leads to the obliteration of older industries or ways of doing things, driving economic development.

Concentrated Industries

Industries where a few companies dominate the market share, resulting in less competition and potentially higher prices for consumers.

Innovative Firms

Companies that focus on developing new products, services, or processes, driving change and progress within their industries through innovation.