Value Tools, Inc

question 13

Multiple Choice

Value Tools, Inc., sells tools, tool parts, and related supplies under "full" warranties. Under the Magnuson-Moss Warranty Act, this means that Value Tools must provide

• A) a choice between a refund or replacement if a product cannot be fixed and repair or replacement of defective parts.
• B) neither a choice of a refund or replacement, or repair of defective parts.
• C) only a choice of a refund or replacement if a product cannot be fixed.
• D) only repair or replacement of defective parts.

---

Definitions:

Substitutes

Items or services that are interchangeable, characterized by a scenario where a price hike in one results in a heightened demand for the alternative.

Price Increases

Price increases refer to the rise in the cost of goods and services, often resulting from factors like inflation, increased demand, or higher production costs.

Competitive

Relates to a market situation where various sellers vie to attract buyers by offering better conditions, prices, or qualities of goods and services.

Many Buyers

A market condition where numerous consumers are present, contributing to competition and demand for products.