The Primary Function of the Law Is to Maintain Stability

question 29

True/False

The primary function of the law is to maintain stability in the social, political, and economic system while simultaneously permitting change.

---

Definitions:

Willingness To Pay

The maximum amount an individual is prepared to expend on a good or service, reflecting their valuation of it.

Horizontal Summation

A method used in economics to describe the total demand or supply in a market by adding together individual demands or supplies at the same price level across different entities.

Vertical Summation

A method used in economics to aggregate individual demand curves to find total market demand for a good.

Private Good

A product or service that is excludable and rival in consumption, meaning its use by one individual prevents its use by another.