What Was the Ruling of the Court in the Case

question 32

Multiple Choice

What was the ruling of the court in the Case Opener involving a lawsuit by fans seeking a refund based upon the Tyson and Holyfield fight being stopped in the third round because Tyson bit off a piece of Holyfield's ear?

• A) The fans were not allowed to recover because they were incidental beneficiaries.
• B) The fans were not allowed to recover because they were donee beneficiaries.
• C) The fans were not allowed to recover because they were assigned donees.
• D) The fans were allowed to recover because they were creditor beneficiaries.
• E) The fans were allowed to recover because they were intended third-party beneficiaries.

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Definitions:

LRAC

Long-Run Average Cost, a curve that shows the lowest possible average cost of production, allowing all factors of production to vary.

Long-run Elasticities

Measure of responsiveness of demand or supply to changes in price or income, considered over a period long enough for all adjustments to be made.

Short-run Elasticities

Measures of how responsive the quantity demanded or supplied of a good is to a price change over a short period.

Plant Size

The scale or capacity of a factory or production facility, which can influence its efficiency and ability to meet demand.