Statement I

question 85

Multiple Choice

Statement I.We have market failure when our resources are not allocated efficiently.
Statement II.An oil refinery incurs both private and social (or external) costs.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

Analyze the legal consequences of breach of contract in sales transactions.

Understand consumer protection laws and their impact on sales, warranties, and deceptive practices.

Analyze the role and limitations of the Sale of Goods Act concerning negotiation and title transfer.

Recognize the legal ramifications of defective goods and the avenues for recourse available to consumers and businesses.

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Definitions:

Hyperthyroidism

A medical condition characterized by excessive production of thyroid hormones, leading to various systemic effects.

Macular Degeneration

A medical condition affecting the retina, leading to vision loss, primarily in older adults.

Facial Hair

Hair that grows on the face, typically on areas such as the chin, cheeks, and upper lip, common in males after puberty.

Hirsutism

The growth of excessive or unwanted hair on a woman's body and face, typically following a male pattern of hair distribution.