Marvin Sells His Expensive Watch to Sylvester in Return for Sylvester's

question 38

True/False

Marvin sells his expensive watch to Sylvester in return for Sylvester's almost new mountain bike.The watch stops working immediately and the jeweller tells Sylvester that it is not repairable.Under the Sale of Goods Act,Sylvester is entitled to the return of his bike provided he gives Marvin back the watch.

---

Definitions:

Demand Curve

A graph showing the quantity of a good that consumers are willing to buy at different prices, typically downward sloping.

Wage Rate

The compensation paid to employees for their labor, typically expressed as an amount per hour, day, or unit of work.

Production Function

A mathematical model that describes the relationship between input factors (like labor and capital) and the output of goods or services.

Demand Curve

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