Laws and Regulations Change Over Time; However, in the United

question 7

Multiple Choice

Laws and regulations change over time; however, in the United States the thrust of most business legislation can be summed up as

• A)any practice is permitted.
• B)any practice is permitted that does not substantially reduce competition and harm consumers or society.
• C)any practice is permitted that does not substantially harm consumers or society, but this applies only within the United States.
• D)any practice is permitted that does not harm the environment.
• E)any practice is permitted that does not break the law.

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Definitions:

Legal Services

Professional services provided by lawyers or law firms to advise clients on legal rights and obligations, or represent them in legal matters.

Marginal Expenditure

The extra expense that comes from buying an additional unit of a product or service.

Labor Market

The marketplace in which employers find workers and workers find jobs, characterized by the supply and demand for labor.

Wage Rate

The wage rate is the amount of money paid to a worker per unit of time, often hourly or annually, in exchange for their labor in producing goods or services.