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

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Definitions:

Free-Rider Problem

A situation in which individuals consume more than their fair share of a public resource, or shoulder less than a fair share of the costs of its production, without contributing to its provision.

Coase Theorem

Under certain conditions, when externalities are present, private parties can arrive at the efficient solution without government involvement.

External Cost

External cost is a cost incurred by a third party who did not agree to the action that caused the cost, often seen in pollution or other forms of environmental impact.

MC

An abbreviation commonly used for "Marginal Cost," which refers to the additional cost incurred by producing one more unit of a good or service.