Which of the Following Is True of a Statute of Repose

question 40

Multiple Choice

Which of the following is true of a statute of repose?

• A) It is a significant change in the law for people who are injured by products that cause immediate injury.
• B) It bars the bringing of a tort-based product liability suit usually after five years from the date the product is first sold to a user.
• C) The people covered by statutes of repose now can bring suit even if their injury is not discovered within the statutory period.
• D) The people covered by statutes of repose cannot bring suit if their injury is not discovered within the statutory period.

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Definitions:

Minimum Efficient Scale

Minimum efficient scale represents the smallest amount of production a company can achieve while still taking full advantage of economies of scale in terms of costs per unit.

Industry

A group of companies that produce similar products or services and compete in the same market.

Diseconomies of Scale

Increases in cost per unit when output increases, resulting from factors such as management challenges, inefficiencies, and communication problems as firms grow larger.

Large-Scale Business

An enterprise or organization that operates on a significant scale, typically involving extensive operations, large numbers of employees, or substantial revenue.