Strict Product Liability Is Liability Without Fault

question 25

True/False

Strict product liability is liability without fault.

---

Definitions:

Elasticity Positive

Positive elasticity indicates that when the price of a good or service increases, the quantity demanded increases, or vice versa, showing a direct relationship between price and demand.

Income Elasticity

The responsiveness of the demand for a good to a change in an individual’s income.

Normal Good

A type of good for which demand increases as the income of the consumer increases, showing a positive correlation between income and demand.

Cross-price Elasticity

A measure of how the demand for one product changes in response to a price change of another product, indicating substitutes or complements.