Under the Federal Rules of Evidence, Which Rule Governs the General

question 3

Multiple Choice

Under the Federal Rules of Evidence, which rule governs the general definition of hearsay?

• A) Rule 401
• B) Rule 402
• C) Rule 801
• D) Rule 901

---

Definitions:

Price Buyers Pay

The amount of money that consumers are required to pay to acquire a good or service.

Price Sellers Receive

The amount of money that producers get from selling one unit of a good or service, after considering all costs and expenses.

Consumer Surplus

The dissimilarity in what consumers intend to pay for a good or service versus what they actually spend.

Producer Surplus

The disparity between the minimum amount sellers are ready to take for a product or service and the actual price they get in the market.