How Could Adam Smith's Comment About the Butcher, the Brewer

question 113

Multiple Choice

How could Adam Smith's comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?

• A) The butcher, the brewer, and the baker give us our dinner because they want to be well liked in the community.
• B) The butcher, the brewer, and the baker give us our dinner because they will be sued if they don't do so.
• C) The butcher, the brewer, and the baker give us our dinner because they each earn a living by doing so.
• D) The butcher, the brewer, and the baker give us our dinner because they view doing so as a public service.

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Definitions:

Strict Liability

A legal standard that holds a party responsible for their actions or products, regardless of fault or intent.

Implied Warranty

A legal term for the assurance that a product is suitable for its intended purpose even if it's not explicitly stated.

Merchant Status

A classification under the Uniform Commercial Code for individuals or entities acting in a commercial capacity, demonstrating knowledge or expertise specific to the goods involved in the transaction.

Product Design

The process of imagining, creating, and iterating products that solve users' problems or address specific needs in a given market.