An Iowa State Statute Requires Amusement Parks to Maintain Equipment

question 39

Multiple Choice

An Iowa state statute requires amusement parks to maintain equipment in specific condition for the protection of patrons. Jack's Fun Park fails to maintain its equipment. Key, a patron, is injured. Jack's has committed

• A) a dram shop act.
• B) contributory negligence.
• C) negligence per se.
• D) res ipsa loquitur.

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Definitions:

Opportunity Cost

The cost of missing out on the next best alternative when making a decision.

Total Output

The total quantity of goods or services produced by a firm or an economy in a specific period.

Comparative Advantage

The ability of a country or individual to produce a good or service at a lower opportunity cost than competitors.

Opportunity Cost

The cost of choosing one option over another, typically expressed as the value of the forgone alternative.