A Few State Courts Have Declared Their State's Statute of Repose

question 45

Multiple Choice

A few state courts have declared their state's statute of repose unconstitutional because it:

• A) gives people time from the date they discover their injury in which to bring their suit.
• B) refrains people to bring a suit who are injured by products such as asbestos or DES that cause injury immediately.
• C) denies people the right to seek redress for their injuries when they had no chance to discover their injuries within the statutory period.
• D) does not bar the bringing of a tort-based product liability suit after a certain number of years from the date the product is first sold to a user.

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Definitions:

Economic Profit

Profit exceeding the opportunity cost of resources used, indicating a return greater than the most lucrative alternative.

ATC Curve

Refers to the Average Total Cost curve, which represents the average cost per unit of output, calculated by dividing total cost by the quantity of output produced.

Excess Capacity

A situation where a firm is producing at a lower scale of output than it has been designed for.

Monopolistic Competitor

A firm operating in a market structure where many companies sell products that are similar but not identical, leading to competition based on product differentiation.