The Subcategories of Public Law Include

question 3

Multiple Choice

The subcategories of public law include:

• A)criminal law, administrative law, tort law, and constitutional law.
• B)constitutional law, criminal law, tort law, and commercial law.
• C)administrative law, constitutional law, taxation law and contract law.
• D)criminal law, administrative law, constitutional law and taxation law.

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Definitions:

Implicit Costs

The firm’s opportunity costs of using resources owned or provided by the owner.

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.

Explicit Costs

Direct, out-of-pocket payments for goods and services required to run a business.