Rule of Law Does NOT Include a Strong Belief in

question 6

Multiple Choice

Rule of law does NOT include a strong belief in

• A) the detailed requirements of a regulatory system.
• B) the legitimacy of the U.S. Constitution.
• C) the importance of elections as a means to configure government.
• D) the idea that the opinion of the majority should prevail.
• E) those in the minority should have the right to challenge the majority.

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Definitions:

Market Demand

The overall volume of a good or service that consumers in a market are ready and able to buy across a range of prices.

ATC

Stands for Average Total Cost, which is the total cost of production (fixed plus variable costs) divided by the number of units produced.

Economic Profits

A reiteration emphasizing the calculation that includes total revenues minus total costs, where total costs consider both the explicit and implicit costs.