A(n) ____ Is a Statement or Representation Made by a Seller

question 402

Multiple Choice

A(n) ____ is a statement or representation made by a seller that goods conform to certain standards of quality, safety, performance, and title.

• A) quality assurance
• B) easement
• C) duty
• D) obligation
• E) none of the other choices are correct

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Definitions:

Marginal Benefit

The increased happiness or advantage derived from the consumption of one more unit of a good or service.

Marginal Cost

The cost of producing one more unit of a good or service, often key to determining the optimal level of production.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.

Nonexcludable

A characteristic of a good or service that prevents individuals who have not paid for it from being easily excluded from its consumption or use.