When the Parties Have Not Agreed in Advance,courts Must Make

question 24

True/False

When the parties have not agreed in advance,courts must make the decision about which court has jurisdiction and what law applies.

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Definitions:

Few Substitutes

Refers to a market condition where there are not many alternative products or services available to consumers, which often leads to less competition and higher prices.

Inelastic Demand

A situation in which the demand for a product does not change much in response to price changes.

Close Substitutes

Products that serve similar functions or needs and can easily replace one another in the eyes of the consumer.

Complements

Products or services that are used together, such that the demand for one increases the demand for the other.