Why Were Equitable Remedies Developed

question 74

Multiple Choice

Why were equitable remedies developed?

• A)Common law rules were too flexible to produce fair results.
• B)The remedies available in common law courts were too few.
• C)Equitable remedies were rigid rules of law and produced fair results.
• D)Common law rules were less technical and rigid.

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Definitions:

Total Revenues

The full revenue obtained from the sale of goods or services, before taking out any expenditures.

Long-Run Equilibrium

Long-run equilibrium occurs when all factors of production within a market are fully adjusted to the economic conditions, leading to a steady state where there is no tendency for change.

Consumer Surpluses

The difference between the total amount that consumers are willing to pay and the total amount that they actually pay for a good or service.

Producer Surpluses

The difference between the actual amount received by sellers and the minimum amount they would be willing to accept for their goods or services.