Demand for a Good Which Comprises a Relatively Large Share

question 42

Multiple Choice

Demand for a good which comprises a relatively large share of the consumer's budget tends to be

• A)inelastic.
• B)perfectly inelastic.
• C)elastic.
• D)perfectly elastic.

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Definitions:

Product Misuse

Incorrect or unintended use of a product that can lead to harm or damage.

Product Liability

The legal obligation of manufacturers and sellers to compensate for injuries or losses caused by defective or unsafe products.

Assumption Of Risk

This is a legal doctrine where an individual knowingly exposes themselves to danger and is thus responsible for any resulting injuries.

Strict Product Liability

A legal doctrine holding manufacturers and sellers accountable for distributing defective goods, regardless of fault.