What Are Legal Rules in Prior Cases Called

question 24

Multiple Choice

What are legal rules in prior cases called?

• A)Statutes
• B)Precedents
• C)First impressions
• D)Uniform laws

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Definitions:

Adverse Supply Shock

An unexpected event that suddenly decreases the supply of a product or commodity, leading to increased prices and a decrease in the equilibrium quantity.

Short-run Aggregate Supply

The total quantity of goods and services that producers in an economy are willing and able to produce and sell at a given overall price level in a given period, with some input prices not fully adjusted.

Long-run Aggregate Supply

Long-run aggregate supply represents the total output an economy can produce when it is fully employing its resources, reflecting the economy’s potential growth rate without accelerating inflation.

Aggregate Supply

The aggregate amount of products and services that businesses within a country intend to offer for sale over a particular period.