The Courts in Common Law Systems Have Developed a Body

question 60

Multiple Choice

The courts in common law systems have developed a body of law that serves as precedent for determination of later controversies.This is called:

• A) judge-made law.
• B) case law.
• C) common law.
• D) All of these .

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Definitions:

Inverse Supply

The inverse supply function represents the relationship between the price of a good and the quantity supplied, expressed as price as a function of quantity, contrasting with the typical supply function which is quantity as a function of price.

Tax

An obligatory fiscal contribution or alternative form of charge enforced by a government body on taxpayers to support government activities and public spending.

Demand Function

A mathematical representation showing the relationship between product demand and various factors like price, income, and preferences.

Supply Function

A relation that shows the quantity of a good or service that producers are willing and able to sell at each possible price, holding all other factors constant.