When Both the Bank and the Customer Failed to Use

question 72

True/False

When both the bank and the customer failed to use ordinary care to prevent alteration or forgery of checks then a comparative negligence is used to determine liability for damages.

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Definitions:

Marginal Cost

The financial outlay involved in the manufacture of one more unit of a product or service.

Monopoly Power

The capacity of a firm to control market prices and exclude competition, often by being the sole provider of a product or service.

Barriers to Entry

Barriers that make it difficult for new entrants to join a market or business sector.

Average Total Cost Curve

Depicts the per-unit total cost of production (fixed cost plus variable cost) divided by the quantity of output produced.