Which of the Following Statements Is the Best Description of an 'Innocent

question 31

Multiple Choice

Which of the following statements is the best description of an 'innocent' misrepresentation?

• A)Silence or non-disclosure about a fact which creates a false impression.
• B)A false statement of fact made knowingly,which the other person relies upon and suffers loss.
• C)A false statement of fact made with the belief that it is true,which the other person relies upon and suffers loss.
• D)A false statement of fact made carelessly,which the other person relies upon and suffers loss.

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Definitions:

Price Ceiling

A legal maximum price that can be charged for a good or service, above which it cannot rise, often set by government.

Shortage

A market condition in which the demand for a product exceeds its supply at a particular price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to buy.

Living Wage

A wage level that is high enough to maintain a normal standard of living.