The Doctrine of Precedent States That

question 6

Multiple Choice

The doctrine of precedent states that:

• A)when making a decision on a question of law, the court must do so consistently with the earlier decisions of other courts in cases with similar facts.
• B)when making a decision on a question of law, the court must do so consistently with the earlier decisions of superior courts in the same court hierarchy in cases with similar facts.
• C)when making a decision on a question of law, the court must do so consistently with the earlier decisions of lower courts in the same court hierarchy in cases with similar facts.
• D)when making a decision on a question of law, the court must do so consistently with the earlier decisions of other courts.

---

Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the amount of the good that consumers are willing and able to purchase, ceteris paribus.

Herfindahl Indexes

A measure used to calculate the level of concentration in a market, indicating the competitive environment and potential for monopolistic power.

Four-Firm Concentration Ratio

A measure that indicates the total market share held by the largest four firms in an industry, used to assess the level of competition.

Product Differentiation

Product differentiation is the process of distinguishing a product or service from similar offerings in the market to make it more attractive to a particular target market.