A neighbor slips on an icy sidewalk in front of your house, resulting in $500 of medical bills. The court rules that the accident had a 20% chance of occurring. Under a negligence standard, you will be held liable for damages if removing the ice from the sidewalk would have cost you less than
a. $20.
b. $100.
c. $500.
d. $1,000.
b. $100.
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The initial price of a cup of coffee is $1, and at that price, 400 cups are demanded. If the price falls to $0.90, the quantity demanded will increase to 500
a. Calculate the (arc) price elasticity of demand for coffee. b. Based on your answer, is the demand for coffee elastic or inelastic? c. Based on your answer to a., if the price of coffee is increased by 10%, what will happen to the revenues from coffee? Carefully explain how you know.
Which of the following is a type of ownership that features a fixed payment?
a. common stock b. preferred stock c. retained earnings d. bonds
Oligopoly is a market structure in which
A. there are only a few sellers. B. firms are price takers. C. there exist many firms, each producing a product that is a close, but imperfect, substitute for the products of other firms. D. there is only one seller.
Expansionary fiscal policy is so named because it:
A. involves an expansion of the nation's money supply. B. necessarily expands the size of government. C. is aimed at achieving greater price stability. D. is designed to expand real GDP.