All of the Following Are Assumptions of the Production Possibilities

question 336

Multiple Choice

All of the following are assumptions of the production possibilities curve EXCEPT

• A) resources are fully employed.
• B) there is a fixed time period.
• C) there is a fixed level of technology.
• D) there is a fixed demand for the products.

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Definitions:

Secondary Liability

Legal responsibility that arises from aiding, facilitating, or contributing to a wrongful act committed by another party.

Contractual Liability

This is the legal obligation parties have under a contract to fulfill the terms of the agreement.

Warranty Liability

The legal obligation of a seller to ensure that the goods or services sold meet certain expressed or implied standards of quality and reliability.

Secondarily Liable

Liability that is not primary but comes into effect when the party with primary liability has failed to fulfill an obligation.