The Key to Flexibility in a Legal System Is Flexibility

question 84

Multiple Choice

The key to flexibility in a legal system is flexibility on the level at which rules and principles are _____.

• A)applied
• B)made
• C)broken
• D)needed

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Definitions:

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Normal Profits

The level of profit that is necessary for a company to remain competitive in the market, often seen as the minimum acceptable return.

Short Run

Refers to a period in economics where certain inputs or resources are fixed and cannot be changed, contrasting with the long run where all factors are variable.

Long Run

A period in which all factors of production and costs are variable, allowing for adjustment to changes in the market or economy.