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Total variable costs change in direct proportion to changes in the volume of production.
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Laws passed by a legislature or governing body that dictate codes of behavior, rights, and obligations.
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A legal decision or case that establishes a principle or rule that courts can adopt when deciding subsequent cases with similar issues or facts.
Uniform Commercial Code
A comprehensive set of laws governing commercial transactions in the United States, aimed at standardizing practices across states.
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The part of a government responsible for implementing and enforcing laws, typically led by the president or a prime minister.
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