Only the Manufacturer of a Defective Product Can Be Strictly

question 19

True/False

Only the manufacturer of a defective product can be strictly liable for an injury or damage caused by the product.

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Definitions:

Deadweight Loss

Economic efficiency is lost when the balance for a good or service is either not met or unattainable.

Tariff

A tax imposed on imported goods and services to regulate trade, increase government revenue, or protect domestic industries.

Consumer Surplus

The variance between the sum consumers are inclined and can afford to pay for a good or service and the sum they genuinely pay.

Producer Surplus

Producer surplus is the difference between what producers are willing to sell a good for and the actual price they receive.