A Decision from a State Supreme Court in One State

question 8

True/False

A decision from a state supreme court in one state is binding on a trial court judge in another state if the other state has no applicable law on the issue involved.

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Definitions:

Short Run

A period in which at least one input (such as plant size) is fixed, and only the variable inputs can be adjusted.

Price System

An economic mechanism that uses prices arising from supply and demand interactions to communicate information to help guide the allocation of resources.

Scarce Goods

Goods that are limited in supply in comparison to their demand, necessitating allocation mechanisms.

Automatically Distributes

Refers to processes or systems that allocate resources, duties, or information without the need for human intervention.