Which of the Following Statements Is True with Regard to International

question 42

Multiple Choice

Which of the following statements is true with regard to international law?

• A)All legal matters of international importance are prosecuted by a single world court that is responsible for interpreting international law.
• B)The enforcement of all international laws is regulated by a unitary world executive branch.
• C)There is no single legislative source from which all international laws are created.
• D)All countries have to follow the international laws enacted by other countries.

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Definitions:

Profit-maximizing Monopoly Pricing

Profit-maximizing monopoly pricing is a strategy where a monopolist sets a price at the highest possible level that does not allow new entrants, maximizing its profit.

Marginal Revenue

The additional income that is generated by increasing product sales by one unit.

Marginal Cost

The cost incurred by producing one more unit of a good or service.

Socially Optimal Price

A price level for goods or services that considers the wellbeing of society as a whole, often factoring in externalities.