If the Market for Bottled Spring Water Is Characterized by a Very

question 10

Multiple Choice

If the market for bottled spring water is characterized by a very elastic supply curve and a very inelastic demand curve,an outward shift in the supply curve would be reflected primarily in the form of

• A)higher prices.
• B)higher output.
• C)lower prices.
• D)lower output.

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Definitions:

Respondeat Superior

is a legal doctrine that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, if such acts occur within the scope of employment or agency.

Tort Law

The area of law that deals with civil wrongs, providing remedies for those harmed by the unreasonable actions of others.

Liable

Legally responsible or obligated, typically referring to the accountability of persons or entities in civil law for actions or omissions.