If a Customer Notifies the Issuing Bank Within Two Days

question 41

True/False

If a customer notifies the issuing bank within two days of learning that his or her debit card has been lost or stolen, the customer is liable for only $100 for unauthorized use.

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Definitions:

Constant Costs

Costs that remain unchanged regardless of the level of production or activity.

Long-Run Equilibrium

A state in which all firms in a market are making zero economic profit, with no firm having an incentive to enter or exit the industry.

Allocative Efficiency

An economic state where resources are allocated in a way that maximizes the overall utility to society, ensuring that the goods and services produced match consumer preferences.

Minimization

The process or strategy of reducing or keeping to a minimum the size, amount, or degree of something, especially costs or liabilities.