What Is Meant by the Term Rule of Law and What

question 29

Essay

What is meant by the term rule of law and what influence did it have on the framers of American government after independence?

---

Definitions:

Average Total Cost

The total cost of producing a specific quantity of a good or service divided by the quantity produced, representing the per-unit cost of production.

Marginal Cost

The extra expense incurred from the production of an additional unit of a product or service.

TVC

Total Variable Costs; the sum of all costs that vary with the level of production, such as materials and labor directly involved in creating a product.