The Producer's Statement of What It Will Do to Compensate

question 56

Multiple Choice

 The producer's statement of what it will do to compensate the buyer if the product is defective or does not work properly is known as a(n) _____.

• A) guarantee
• B) warranty
• C) insurance
• D) liability

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Definitions:

Consumer Surplus

The offset between what customers are willing and able to pay for a service or product and what they actually expend.

Consumer Surplus

The distinction between the ideal spending amount of consumers on a good or service and their actual expenditure.

Government

The organization that is the governing authority of a political unit, responsible for creating and enforcing laws and managing public services.

Transfer

The movement of something from one place, person, or ownership to another, often without the exchange of money.