Judge Joanie Justice, Who Is Newly Appointed to the Bench

question 81

Essay

Judge Joanie Justice, who is newly appointed to the bench, is presented with a question of law involving a cat named Tiger who scratched a neighbor's antique car. The neighbor, Carl, demands justice in the form of full payment from Tiger's owner, Stacy, and also requests that Tiger be shipped to the local animal shelter. Stacy says that she should not have to pay anything because Tiger had never scratched before, that Tiger should be allowed to stay in the neighborhood, and that Carl (who is a grump and never should have brought the lawsuit) should reimburse her for her legal fees. Judge Justice is perplexed. Judge Justice wants to make a good decision, especially since she is new to the bench. Explain how the judge should go about reaching a decision. Discuss in your answer the impact of cases from other jurisdictions, assuming there is no relevant law in Judge Justice's jurisdiction. Also, assuming there is relevant law in Judge Justice's jurisdiction, discuss the applicable legal standard when case law conflicts with a later passed state statute.

Recognize the relationship between comparative advantage and trade outcomes.

Identify the conditions under which trade can increase or decrease consumer and producer surplus.

Understand the role and impact of international trade organizations and agreements.

Evaluate the potential gains from free versus restricted trade.

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Definitions:

Industry Standard

A set of criteria within an industry that acts as an agreed-upon norm or benchmark for products, services, and processes.

Economies of Scale

A concept in economics where increasing the scale of production leads to a decrease in the average cost of each unit produced.

Natural Monopolies

Industries in which high infrastructure costs and other barriers make it efficient for a single company to supply all of the market's needs.

Output

The total quantity of goods or services produced by an individual, firm, or country over a specified period.