--%>
Assignment Help - homework help

Legal doctrine in Laws and Regulations

Whenever goods are non-standardized and rarely purchased by an individual, an assumption that the sellers will contain superior knowledge of the product characteristics is an argument for applying the authorized doctrine of: (1) Caveat emptor. (2) Nolo contendere. (3) No-fault insurance. (4) Caveat venditor. (5) Ceteris paribus.

Can someone please help me in finding out the accurate answer from the above options.

   Related Questions in Microeconomics

  • Q : Marginal Resource Costs The word

    The word ‘marginal resource costs’ or ‘marginal factor costs’ signifies to the: (1) Additional cost included in generating an additional resource. (2) Additional cost included in generating an additional unit of the resource. (3) Additional cos

    		•
  • Q : Central bank as lender of last resort

    The central bank performs as lender of last resort. Explain how? Answer: The central bank too acts as lender of last resort for other banks of the country. This mea

    		•
  • Q : Can GNP be more than GDP Can GNP be

    Can GNP be more than GDP? Answer: Yes, GNP can be greater or more than GDP if NFIA is positive.

    		•
  • Q : Pure competition market A purely

    A purely competitive market would NOT be illustrated by: (1) many potential buyers and sellers. (2) each buyer or seller being a price taker. (3) an absence of long-run barriers to entry or exit. (4) aggressive advertising to compare brands. (5) a sin

    		•
  • Q : State Performance of Funds Performance

    Performance of Funds: The performance of funds mainly depends on how much diversification has been taken up by a portfolio manager and also if the company’s fundamentals have been assessed well and no hasty decision has been made on the basis of

    		•
  • Q : Annual economic profit When point e

    When point e corresponds to $9 per copy for Silver Screen DVDs, Nostalgia Corporation can produce annual economic profit of at mostly about: (i) $25 million. (ii) $35 million. (iii) $50 million. (iv) $75 million. (v) $100 million.

    Q : Types of good An increase in the income

    An increase in the income of consumer X leads to a fall/down in the demand for that good by the consumer. What is good X termed? Answer: Normal good

    		•
  • Q : Consumer Surplus-Difference in amounts

    Kiley pays $1.00 for the cold Pepsi on a hot afternoon, however would be willing to pay $5.00. The $4.00 difference in such amounts is her: (i) Consumer surplus. (ii) Income effect. (iii) Economic gain. (iv) Marginal utility. (v) Pleasure coefficient.

    Q : Types of assertions for normative

    Normative statements would contain assertions such that: (1) harsh prison terms and capital punishment reduce rates of violent crime. (2) on average, Americans are more prosperous while no single political party controls the presidency that the US Sen

    		•
  • Q : Problem on opportunity cost of consumer

    Refer to the given table. If the economy is producing at production alternative C, the opportunity cost of the tenth unit of consumer goods will be: