A bailment is the delivery of personal property by the owner of the property rights to another individual who accepts it under conditions to return it later to the owner or to a designated third party.

In the short run,as output gets larger:

A) fixed cost gets smaller.
B) the average variable cost curve gets closer to the average total cost curve.
C) marginal cost gets smaller.
D) average total cost decreases after the point of diminishing returns.

In general, a firm will be unlikely to invest as long as the

A) interest rate is greater than the inflation rate.
B) firm has to borrow any money to make the investment.
C) profits realized from the investment are insufficient to cover the interest payments.
D) firm cannot sell bonds directly to the public and instead must borrow from a bank.

Which of the following would not meet the requirements of a proper directors' meeting?

A) The board meets through an internet platform with audio and video.
B) The board meets by telephone.
C) Each director records himself or herself with the topics of concern and uses e-mail to provide it to the other directors.
D) The board meets by television.

A hierarchical classification of managers identifies a manager by levels such as:

A) administrative and general.
B) top, middle and team leaders or supervisors.
C) headquarters and branch.
D) experienced and inexperienced.
E) functional, staff and line.

In the case in the text,Wilke v.Woodhouse Ford,Inc. ,the court held that:

A) the plaintiff failed to prove that the defendant was negligent for failure to inspect the van.
B) the defendant was liable because it negligently failed to inspect the van.
C) the implied warranty disclaimer did not violate public policy.
D) the implied warranty disclaimer violated public policy because the plaintiff suffered personal injury.