Examlex
Suppose that a worker in Freedonia can produce either 6 units of corn or 2 units of wheat per year,and a worker in Sylvania can produce either 2 units of corn or 6 units of wheat per year.Each nation has 10 workers.For many years the two countries traded,each completely specializing according to their respective comparative advantages.Now,however,war has broken out between them and all trade has stopped.Without trade,Freedonia produces and consumes 30 units of corn and 10 units of wheat per year.Sylvania produces and consumes 10 units of corn and 30 units of wheat.The war has caused the combined yearly output of the two countries to decline by
Illegal Restraint
Actions or measures that unlawfully restrict freedom or movement, often referring to anticompetitive practices or personal liberties.
Public Policy
Government policies designed to address public issues and create laws that reflect the attitudes and beliefs of the general public.
Adhesion Contract
A standardized contract drafted by one party, usually the stronger party, where the weaker party has little to no ability to negotiate terms.
Take-It-Or-Leave-It BASIS
A take-it-or-leave-it basis refers to a situation where an offer is made with the understanding that no negotiation will be entertained, forcing the recipient to accept the offer in its entirety or reject it.
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