The Principle That Judges Should Build on the Precedents Established

question 18

Multiple Choice

The principle that judges should build on the precedents established by past decisions is known as the doctrine of ___________.

• A)caveat emptor
• B)voir dire
• C) estoppel
• D) de minimus non curat
• E) stare decisis

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Definitions:

Price of An Input

The cost associated with one unit of a raw material or component used in the production of goods or services.

Perfectly Competitive Industry

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.

Short-Run Industry

An industry characterized by the presence of fixed and variable costs, where firms cannot enter or exit the market easily in the short term.

Marginal Cost Curves

A graphical representation that shows how the cost of producing one more unit of a good changes as production increases.