To Minimize the Likelihood of Being Liable for Failure to Warn

question 279

Multiple Choice

To minimize the likelihood of being liable for failure to warn manufacturers must:

• A) warn of possible dangers in use of a product
• B) warn of possible dangers in the storage of a product
• C) warn of possible dangers in the handling of a product
• D) all of the other specific choices are correct
• E) none of the other specific choices are correct

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Definitions:

Leisure

A period of free time not taken up by work, domestic responsibilities, or other obligatory tasks, often used for rest, recreation, or cultural activities.

Substitution Effect

The change in demand for a good or service caused by a change in its price, making consumers substitute it with another good or service.

Income Effect

The shift in income levels for either a person or the economy and its influence on the demand for specific goods or services.

Labor Supply

Refers to the total hours that workers are willing and able to work at a given wage rate.