Federal District Courts Are Bound by the Decisions of the Court

question 15

True/False

Federal district courts are bound by the decisions of the court of appeals in their circuit,but decisions by one circuit court are not precedents for courts in other circuits.

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Definitions:

Complementary Goods

Products and services that are used together. When the price of one falls, the demand for the other increases (and conversely).

Positive

Pertaining to statements or analyses that are based on facts and devoid of any value judgments or recommendations.

Supply Curves

Graphical representations that show the relationship between the price of a good and the total amount of the good that suppliers are willing to sell.

Highly Inelastic

Describes a situation where the quantity demanded or supplied changes very little in response to changes in price.