Match the Most Appropriate Term to the Definition

question 6

Multiple Choice

Match the most appropriate term to the definition.
-The goal of law-making authorities to balance the need for consistency and stability against the need for a flexible and adaptive government

• A)modern balance
• B)stare decisis
• C)common law
• D)statutory law
• E)administrative law
• F)precedent
• G)sociological theory
• H)traditional balance
• I)positivist theory
• J)legal standard

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Definitions:

Advertising

The action or profession of producing advertisements for commercial products or services to influence consumer behaviors.

Network Externalities

The value of a product to a consumer increases with the number of that product being sold or used in the market.

Product Variety

The range of different products or services offered by a company or available in a market.

Cost Economies

Refers to economies of scale where the average cost per unit of production decreases as the volume of production increases.