An Implied Warranty of Merchantability Is the Assumption by Law

question 37

True/False

An implied warranty of merchantability is the assumption by law that the goods sold by a merchant/seller are fit to be sold or resold.

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Definitions:

Profit Maximization

The strategy a business uses to ascertain the pricing and amount of production that maximizes profitability.

Workers

Individuals engaged in any form of economic activity to earn a wage or salary.

Wage

Compensation received by employees for their labor or services, often expressed in terms of hourly, daily, or annual earnings.

Marginal Product

The additional output that is produced as a result of using one more unit of a particular input, such as labor or capital, while keeping other inputs constant.