Reaching for a Bottle of Soda from a Display in a Bargain

question 21

Multiple Choice

Reaching for a bottle of soda from a display in a Bargain Mart store,Cody slips in a puddle of spilled soda and falls,suffering an injury.Bargain Mart's employees are not aware of the spilled soda until Cody falls.In a suit against Bargain Mart,Cody will most likely

• A)lose,because Bargain Mart's employees were not aware of the spill.
• B)lose,because Cody should have exercised more care.
• C)win,because Bargain Mart can recover from the soda bottler.
• D)win,because the spilled soda was foreseeable.

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Definitions:

Purely Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a homogenous product.

Cost Data

Details about the costs associated with creating a product or service, such as the expenses for materials, workforce, and indirect costs.

Purely Competitive Producer

A producer in a market structure characterized by many small firms, homogeneous products, and free entry and exit, leading to zero economic profit in the long run.

Economic Profit

The differential amount left after subtracting all types of costs, both seen and unseen, from the total income.