Which of the following describes when the "rule of law" is being exercised?

The concept of the "rule of law" refers to the principle that all people and institutions are subject to and accountable under the law that is fairly applied and enforced. When the rule of law is being exercised, it ensures that laws are applied equally and fairly, preventing arbitrary governance by any individual or entity, including rulers. This principle upholds the idea that no one is above the law, and everyone, regardless of status, is held accountable.

In the context of the other options, while individual rights and economic freedoms are certainly important concepts in governance and society, they do not encapsulate the essence of the rule of law as effectively as the idea of equal and fair application of law does. The notion of placing individual rights above the state relates to more specific discussions about individual freedoms and the role of government, rather than the broader legal framework established by the rule of law. Similarly, the belief in private property and minimal government intervention pertains more to economic ideologies rather than the legal principles governing the equality and impartiality of laws. Lastly, the idea asserting the superiority of one's nation over others does not relate to the rule of law, which focuses on legal equality rather than nationalistic sentiments. Therefore, the correct answer highlights the foundational importance of fairness and