When Consumers Are Injured by a Product in Which No

question 10

True/False

When consumers are injured by a product in which no negligence is involved and no one is at fault, the legal doctrine of strict product liability holds manufacturers accountable.

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Definitions:

Price

The financial sum necessary to obtain a good, service, or property.

Budget Constraint

An economic model that depicts the combination of goods and services an individual, household, or firm can purchase, given their income and prevailing prices.

Leftover Income

The amount of money an individual or household has after all expenses and taxes have been paid; also known as disposable income.

Bundle

A collection or group of goods or services that are considered together as a single combined unit.