Caveat emptor is a Latin phrase that means \"let the buyer beware.\" It was used

Question

Caveat emptor is a Latin phrase that means "let the buyer beware." It was used to express the doctrine used by businesses during the 1900s that meant "what you see is what you get." Which of the following statements about this doctrine and its application is false?

a. Before the 1930s most people believed that competition and the action of the marketplace would, in time, correct abuses of the free-market system. b. During the 1900s government became involved in day-to-day business activities regularly to limit the free-market system. c. As government involvement has increased, so has everyone's awareness of the social responsibility of business.

Explanation / Answer

Statement a seems false. Before the 1930s, most people were not even aware of the competition and that how the actions of marketplace work.

Thus, Statement a is the correct answer.

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