Webs of Influence Among Interest Groups, Policy Makers, and Policy

question 86

Multiple Choice

Webs of influence among interest groups, policy makers, and policy advocates are known as

• A)iron triangles.
• B)agency capture.
• C)governmental lobbies.
• D)issue networks.

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Definitions:

MC

Marginal Cost, which refers to the increase or decrease in the cost of producing one additional unit of a good or service.

ATC

stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced; it combines average fixed and variable costs.

MR

Stands for Marginal Revenue, which is the additional income received from selling one more unit of a product or service.

Short Run

A time period in economics during which at least one input is fixed, limiting the ability of the economy or firm to adjust to changes in demand or supply.