In Australia,the Law Is Derived from Several Sources

question 4

Multiple Choice

In Australia,the law is derived from several sources.Which of the following are the two main sources of the law in Australia?

• A)Private and Public law.
• B)Common law and Statute law.
• C)International law and Treaties.
• D)All of the above.

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Definitions:

Marginal Cost

The added cost resulting from the manufacture of one more unit of a product or service.

Variable Input

A factor of production whose quantity can be changed easily and flexibly by a firm in the short run to adjust output levels.

Average Variable Cost

The total variable cost divided by the quantity of output produced; it shows the variable cost per unit of output.

Marginal Product

The extra output generated from the inclusion of one additional unit of a particular input while maintaining all other inputs unchanged.