When a Conflicting Common Law Rule Is Inconsistent with an Administrative

question 1

Multiple Choice

When a conflicting common law rule is inconsistent with an administrative regulation,which prevails?

• A)The measure that is later in time
• B)The measure that is first in time
• C)The conflicting common law rule
• D)The administrative regulation

---

Definitions:

MC

is an abbreviation for Marginal Cost, which represents the change in total cost that arises when the quantity produced is incremented by one unit.

ATC

Average Total Cost is determined by dividing the total production expense by the output quantity.

Perfectly Competitive Firm

A firm that operates in a market where there are many buyers and sellers, the products are homogeneous, and no single buyer or seller can influence the market price.

Marginal Revenue

The additional income generated from selling one more unit of a product is known as marginal revenue.