Primary Authority Is

question 18

Multiple Choice

Primary authority is:

• A)A nonlaw source that a court may rely on when deciding an issue
• B)Authority that a court must rely on when deciding an issue
• C)Authority that a court may rely on when deciding an issue
• D)The law itself
• E)Answers a,b,and c above
• F)Answers a and c above

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Definitions:

Highly Inelastic

A situation where the demand or supply for a good or service is insensitive to changes in its price.

Highly Elastic

Describes a situation where the supply or demand for a product or service changes significantly in response to changes in price.

Per-Unit Subsidy

A government payment made for each unit of a product produced or sold, aimed at reducing the price or encouraging production.

Sales Tax

A tax imposed by government authorities on the sale of goods and services, typically calculated as a percentage of the purchase price.