To Specifically Disclaim an Implied Warrant of Merchantability,a Seller or Lessor

question 57

True/False

To specifically disclaim an implied warrant of merchantability,a seller or lessor must mention the word merchantability.

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Definitions:

Substitution Effect

The economic understanding that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Budget Constraint

A financial limit that represents the combination of goods and services a consumer can purchase with their limited income.

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor willing to work and the wage rate.

Indifference Curves

A graphical representation used in economics to show different combinations of two goods that give a consumer equal satisfaction and utility.