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An individual was injured while setting off fireworks that he purchased from the ACME Fireworks Company. This individual was a resident of the state of Oregon. He was injured after lighting the fireworks in Oregon. The ACME Fireworks Company was located in the State of Maryland. It sold fireworks to the individual in Oregon. The individual’s injuries cost him – in terms of doctor’s bills and missed income from not being able to work – well over $200,000. The individual sued ACME Fireworks under Oregon common law for negligence. He filed his civil lawsuit against the company in Oregon state court. ACME Fireworks did not, however, respond to or otherwise contest Rice’s lawsuit and Rice was awarded $425,000 in damages by the trial . Based on the legal information that you learned in this chapter, write a 1-2 sentence answer for each of the following questions. a. What type of judgment did the trial court award against ACME Fireworks? b. Which court(s)--state and/or federal courts--would have jurisdiction over the injured individual’s lawsuit against ACME Fireworks? c. Explain the reasoning for your answer to question “b”. d. How did the Oregon state court have personal jurisdiction over ACME Fireworks?
Is it possible for the short-run run market supply curve to show that quantity supplied increases only if price increases and for the long-run market supply curve to indicate that market price does not increase as quantity supplied increases? Why or ..
Elucidate why your answer to part (a) is an example of marginal analysis also optimizing behavior in general.
Challenge of any merger that raises the HHI by 100+ points in a market where the HHI is above 1800 before the merger.
The success or failure of economic policy with regard to the twin goals may be measured by the
With current technology, suppose a firm is producing 800 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units of land, 4 units of capital, and 1 unit of entrepre..
Where does this short-run aggregate supply curve intersect the long-run aggregate supply curve that you drew? Just need an explanation of what it woudl look like?
Account for widespread suspicion—especially on the political left, but it can and definitely used to show up on the political right as well—that praise of the market system by economists is greatly overblown?
A customer is closing operations and has equipment to dispose. Reservation of eqpt, is 250K. There is a .4 chance a buyer will pay 300K and a .25 chance the buyer will pay 350K and a .1 chance the buyer will pay 400K and a .25 chance it will not sell..
Now let’s say that there are 100 firms in a (perfectly competitive) market each with an inverse short-run supply curve of P = 2q+10. If the market demand curve equals Q=1000 - 25P, what is equilibrium price and quantity, and how much does each indiv..
What is the SAP (structural adjustment program)? What are the IMF-imposed "conditionalities"? Win did the IMF and World Bank imposed them upon Third World countries during both their debt crises and financial crises?
What are your most distinguishing leadership traits? What traits do you strive to learn to develop? As a follower, what leadership approach do you prefer from your leader?
When the wage rate rose from $6.25 per hour to $6.75 per hour, employment in Fast food, Inc. fell from 5,100 to 4,900. What is the price elasticity of demand for labor?
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