Reliance on Precedent Is a Fundamental Notion in Law

question 84

Multiple Choice

Reliance on precedent is a fundamental notion in law. It is referred to in Latin as

• A) stare regulatius.
• B) stare maximus.
• C) stare instatius.
• D) stare decisis.

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Definitions:

Economies Of Scale

Cost advantages that a business obtains due to expansion, seen in the form of reduced costs per unit as output increases.

Profit-Maximizing

The method or approach of adapting manufacturing and selling activities to secure the maximum potential profit.

Competitively Organized Industry

An industry characterized by many firms competing against each other in a market to sell their products.

Network Effects

The phenomenon where a product or service becomes more valuable as more people use it.