Each Point on a ________ Curve Shows the Willingness of Consumers

question 27

Multiple Choice

Each point on a ________ curve shows the willingness of consumers to purchase a product at different prices.

• A)demand
• B)supply
• C)production possibilities
• D)marginal cost

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Definitions:

Implied Warranty

A legal assumption that goods are fit for the purpose for which they were sold, even if not explicitly stated.

Merchantability

A warranty that a product sold will meet reasonable expectations of the buyer, including that it is of average acceptable quality and is fit for the purpose for which it is sold.

Defective

Pertaining to a lack of perfection, flaws, or deficiencies in a product, service, or legal document that impair its quality, functionality, or legality.

Security Interest

Any interest “in personal property or fixtures which secures payment or performance of an obligation” [UCC 1–201(37)].