An Iowa State Statute Requires Amusement Parks to Maintain Equipment

question 69

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.Keely,a patron,is injured.Jack's has committed

• A)abuse of process.
• B)battery.
• C)false imprisonment.
• D)negligence.

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Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved, leading to a misallocation of resources.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at various price levels.

Consumer Surplus

The divergence between the aggregate amount consumers are willing and have the means to pay for a good or service, and what they truly pay.

Producer Surplus

The disparity between what sellers are ready to take for a product or service and the actual amount they get.