Administrative Law Include Rules and Decisions Written by Government Agencies

question 21

Multiple Choice

Administrative law include rules and decisions written by government agencies established by statute to write and enforce rules in regulated areas and activities-such as mass communication, public trading of stocks, and labor relations.Which of the following supersedes (overrules) administrative law?

• A)Statutory law
• B)Executive actions
• C)Common law
• D)Law of equity
• E)None of the above

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Definitions:

Variable Cost

Costs that vary directly with the level of production or volume of output, such as raw materials and direct labor expenses.

Restocking Costs

Expenses incurred when replenishing inventory, including purchasing, shipping, and handling costs.

Average Inventory

Average inventory is a calculation that estimates the value or quantity of inventory a company holds over a specific period, helpful for assessing inventory management efficiency.

Carrying Cost

Carrying cost refers to the total cost of holding inventory, which includes warehousing, handling, depreciation, opportunity costs, and insurance.