Customary Practice Arises from Legislative Action

question 69

True/False

Customary practice arises from legislative action.

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Definitions:

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price or income.

Marketing

The process of promoting, selling, and distributing a product or service, including market research and advertising.

Network Externality

A situation where the value of a product or service increases as the number of users expands.

Standardization

The process of developing and implementing technical standards to ensure the compatibility, safety, and quality of products and services.