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Legally Binding
A term describing agreements or contracts that are enforceable by law, meaning parties must abide by the terms or face legal consequences.
Source of Law
The origin from which a particular legal rule or principle derives, such as a constitution, statute, court decision, or executive order.
Downward Sloping Demand
A characteristic of most demand curves, indicating that as the price of a good decreases, the quantity demanded increases.
Monopoly Power
The ability of a single supplier to control the market prices and output of a good or service, due to lack of competition.
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