Which of the Following Is True Regarding Whether Nicole Made

question 80

Multiple Choice

Which of the following is true regarding whether Nicole made an implied warranty of merchantability in regard to the blender?

• A)There is no implied warranty of merchantability because a consumer appliance was involved.
• B)There is no implied warranty of merchantability because of a lack of evidence that Nicole made any express statements regarding the blender.
• C)There was an implied warranty of merchantability because no merchant in goods of that type was involved.
• D)There is no implied warranty of merchantability because Nicole was not a merchant in respect to consumer appliances.
• E)There was an implied warranty of merchantability because a consumer appliance was involved.

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Definitions:

Marginal Cost

The change in total production cost that arises when the quantity produced is incremented by one unit.

Total Profit

The total income earned by a firm after deducting all costs and expenses from total revenue.

Nash Equilibrium

A concept in game theory where no participant can gain by unilaterally changing their strategy if the strategies of others remain unchanged.

Profit-Maximizing

Refers to the process or strategy by which a firm selects outputs at which its profits are maximized, achieved by equating marginal revenues to marginal costs.