The Implied Warranty of Merchantability Requires

question 135

Multiple Choice

The implied warranty of merchantability requires:

• A)proof that the seller is a merchant.
• B)proof that the buyer relied on a merchant.
• C)proof of a defective product.
• D)all of the above

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Definitions:

Output

The total amount of goods and services produced by an economic system, company, or sector within a certain period.

Marginal Cost

The cost incurred by producing one additional unit of a good or service, which varies depending on the level of production.

Profit

The financial gain accrued from a business activity when total revenues exceed total expenses.

Total Revenue

The total income generated from the sale of goods or services before any expenses are subtracted.