The Rule of Law Ensures That ____________________

question 43

Multiple Choice

The rule of law ensures that ____________________.

• A) all citizens of a country are treated equally regardless of the offices they hold
• B) all visitors to a country are treated equally regardless of the offices they hold
• C) all government officials are equally subject to laws when not acting in an official capacity
• D) it is illegal for government officials to make arbitrary decisions when not acting in an official capacity
• E) it is illegal for citizens to make laws arbitrarily

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Definitions:

TFC

Total Fixed Costs (TFC) are the sum of all costs that remain constant regardless of the level of production or output in a company.

Marginal Revenue

The additional income that a company generates from selling one more unit of a good or service.

Average Variable Cost

The per-unit variable cost of production, calculated by dividing total variable costs by the quantity of output produced.

Long-Run Scale

Refers to the time period in which all factors of production and costs are variable, allowing companies to adjust all inputs in response to market conditions.