Frank Bought Some Miniblinds

question 72

Multiple Choice

Frank bought some miniblinds. Although he did not receive a written warranty, the blinds should be expected to open and close properly. What kind of warranty does Frank have?

• A) "As-is" warranty
• B) Express warranty
• C) Full warranty
• D) Implied warranty
• E) Limited warranty

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Definitions:

Paradox of Voting

The situation where individual rationality leads to a collective decision that is worse for everyone involved.

Principal-agent Problems

Situations where there is a conflict of interest between a principal (such as an owner or shareholder) and an agent (such as a manager), due to diverging goals or asymmetrical information.

Industrial Regulation

Government rules and regulations aimed at controlling the activities, standards, and behaviors within specific industries to ensure fairness, safety, and competition.

Natural Monopoly

A market condition where a single supplier is most efficient in providing goods or services due to high fixed or startup costs.