Which of the Following Statements About Caveat Emptor Is True

question 46

Multiple Choice

Which of the following statements about caveat emptor is true?

• A)Caveat emptor is often the first line of defense by producers of mediocre merchandise.
• B)As a legal principle,the phrase "caveat emptor" has been routinely approved.
• C)Using it as a defense puts the entrepreneur who uses it in a positive light.
• D)If you find a business using caveat emptor as a principle,accept them.

Discuss the implications and considerations of alternative housing options, including tiny houses, and understand housing selection factors.

Understand the concept and types of consumer organizations including cooperatives.

Identify economic factors influencing buying decisions.

Comprehend the importance of information in consumer decision making, such as open dating for product freshness.

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Definitions:

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than competitors.

Petroleum

A naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons and other organic compounds, used primarily as fuel and in the production of various chemicals.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a fuel and raw material in chemical industries.

Opportunity Cost

Surrendering the chance for gains from other choices by opting for one path.