An Implied Warranty Is Any Statement of Fact Made by the Manufacturer

question 28

True/False

An implied warranty is any statement of fact made by the manufacturer about a product, whether made by salespeople, retailers, or others.

---

Definitions:

Profits

The financial gain obtained when the revenue from business activities exceeds expenses, costs, and taxes.

Collusion

An agreement, usually secretive, between two or more parties to limit competition and manipulate prices for their benefit.

Quantity Output

The total amount of goods or services produced by a business, sector, or economy.

Noncooperative Behavior

Actions by firms that ignore the effects of those actions on the profits of other firms.