What Is the Difference Between Factual Impossibility and Legal Impossibility

question 21

Essay

What is the difference between factual impossibility and legal impossibility?

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Definitions:

Long-Run Stream

Refers to a period in which all factors of production and costs can be fully adjusted, allowing for a comprehensive analysis of operational efficiency and market dynamics.

Optimal Extraction Level

The most efficient rate at which a resource can be extracted to balance economic benefits and conservation.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, subject to fluctuations based on supply and demand dynamics.

User Cost

The cost associated with the use of a natural resource or capital, factoring in depreciation or depletion of the resource.