If Delegation Is High and Law Is Imprecise,there Is a Risk

question 8

Multiple Choice

If delegation is high and law is imprecise,there is a risk that:

• A)third parties will not enforce the law.
• B)no one will know who has the power to enforce the law.
• C)states will not understand the benefits of the law.
• D)diplomats will not consider the law when negotiating.
• E)additional actors may create new laws to fill in legal gaps.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.

Consumer Surplus

The distinction between the ideal payment consumers are willing to make for a product or service and the real cost they incur.

Equilibrium Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, leading to market balance.

Price Elasticity

The degree to which the demand or supply of a product changes in response to a change in price.