Which of the Following Is True Regarding a Small-Claims Court

question 14

Multiple Choice

Which of the following is true regarding a small-claims court?

• A) These courts will only accept cases where the stakes are as large as $50,000 or above.
• B) Most of these courts are designed so that ordinary citizens can bring their cases in.
• C) This legal option is only available to entrepreneurs who can afford an attorney.
• D) These courts are the only recourse for small business owners for litigation.

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Definitions:

Market Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that all consumers in a market are willing to purchase at each price level.

Price Elasticity

The degree to which the demand or supply of a product or service changes in response to a change in price, indicating the sensitivity of consumers or producers to price variations.

Total Expenditure

The aggregate amount spent by consumers on a particular good or service over a specified time period.

Price Elasticity

The quantification of demand elasticity for a product relative to the shifts in its price.