Which of the following was the result on appeal in Webster v. Blue Ship Tea Room, Inc., the case in the textbook in which the plaintiff sued after getting a bone caught in her throat while eating New England seafood chowder?
a. The plaintiff could recover based on an express warranty.
b. The plaintiff could not recover, because she waited too long to sue and because she was not the immediate purchaser of the fish.
b. The plaintiff could recover based upon the implied warranty of merchantability.
c. The plaintiff could not recover, because she should have anticipated that fish bones might remain in New England seafood chowder.
d. The plaintiff could recover based upon the implied warranty of fitness for a particular purpose.
Answer: c. The plaintiff could not recover, because she should have anticipated that fish bones might remain in New England seafood chowder.
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The following table provides information about production at the XYZ-TV Company.Number of WorkersTVs ProducedMarginal ProductValue of Marginal Product00------13535$35,00026833$33,00039931$31,000412829$29,000515527$27,000How many workers will XYZ-TV Company hire if the going wage for TV production workers is $32,000?
A. 0 B. 1 C. 2 D. 3
The time cost incurred by consumers who must find substitute products after a ban is placed on some good or service is an example of a(n)
a. capital cost d. operating expense b. fixed cost e. implicit cost c. explicit cost
Which is the main motivation for entrepreneurs to take on the risks of producing?
A. Increasing costs of production B. Fun C. Profit D. Decreasing costs of production
Consider the above figure. If the aggregate demand curve rose from AD1 to AD3, our nation would be experiencing
A) falling prices. B) an inflationary ga