In the Event of Cargo Damage,an Action Under COGSA Must

question 21

Multiple Choice

In the event of cargo damage,an action under COGSA must be brought within:

• A) A reasonable period of time.
• B) Within one year.
• C) Within two years.
• D) Within the time specified in the UCC.

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Definitions:

Monopolistic Competitors

Firms operating in a monopolistic competition market structure, offering products that are differentiated from those of rivals but not completely unique.

Economic Profits

Profits calculated as total revenues minus explicit and implicit costs, differing from accounting profits by taking into account opportunity costs.

Marginal Cost

The escalation in total expenses incurred from creating an additional unit of a product or service.

Excess Capacity

The situation where a firm has resources that are not being fully utilized, often leading to inefficiency and increased costs.