A Party Can Challenge an Administrative Regulation as So Irrational

question 59

True/False

A party can challenge an administrative regulation as so irrational as to be arbitrary and capricious.​

---

Definitions:

Short Run

A time period in which at least one input is fixed and cannot be changed by the firm, affecting its production decisions.

Purely Competitive Market

Another term for a perfectly competitive market, emphasizing its features like a large number of small firms and identical products.

Marginal Revenue

The increased earnings resulting from the sale of one extra unit of a good or service.

Marginal Cost

The increased cost resulting from the production of an additional unit of a good or service.