The Amount of Money That a Wheat Farmer Could Have

question 465

Multiple Choice

The amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is

• A)an explicit cost.
• B)an accounting cost
• C)an implicit cost.
• D)forgone accounting profit.

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Definitions:

Negligent

failing to take proper care in doing something, often resulting in harm or damage.

Preemption Defense

A legal doctrine that allows a higher authority to supersede or prevent action from a lower authority in certain cases.

Federal Supremacy

The legal principle stating that federal law takes precedence over state law in the United States.

Express Warranty

A commitment by a seller that a product will meet specified quality and performance standards.