Under the Doctrine of Strict Liability,liability Is Imposed Only If

question 49

True/False

Under the doctrine of strict liability,liability is imposed only if a person fails to use all reasonable care.

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Definitions:

Marginal Revenue

Extra profit generated from the sale of one more unit of a product or service.

Marginal Cost

The additional cost incurred to produce one additional unit of a good or service.

Average Variable Cost

The variable cost of production (costs that change with output level) divided by the quantity of output produced.

Product Differentiation

A marketing strategy where a company attempts to distinguish its product or services from the competition.