One Example of the Courts Setting Policy Is from a 1966

question 157

Multiple Choice

One example of the courts setting policy is from a 1966 case involving the state of Arizona, where the Supreme Court developed a set of principles requiring that persons under arrest be informed of their legal rights, including their right to legal counsel and their right to remain silent. This legal doctrine has come to be known as the

• A)Schiff mandate.
• B)Miranda rule.
• C)due process clause.
• D)O'Brien rule.

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Definitions:

Kinked-demand Curve Model

An economic model that explains price stability in oligopolistic markets by suggesting that businesses may not raise or lower prices due to the segmented demand curve.

Price Cut

A reduction in the selling price of products or services, typically to attract more buyers or to sell off excess stock.

Equilibrium Price

The price at which the supply of an item matches its demand, leading to a stable market condition where there is neither excess supply nor excess demand.

Equilibrium Output

The level of production at which the quantity of goods supplied equals the quantity of goods demanded, leading to market stability.