The Powers Under the U

question 1

Multiple Choice

The powers under the U.S.Constitution that can be exercised by both state and national governments are known as

• A)concurrent powers.
• B)discretionary powers.
• C)delegated powers.
• D)reserved powers.
• E)complementary powers.

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Definitions:

Long Run

An economic term referring to a period during which all inputs or factors of production can be varied, and there are no fixed constraints.

Average Fixed Costs

The fixed costs (those not changing with output level) of production divided by the quantity of output produced.

Marginal Cost

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

Price of Labor

The compensation paid to employees for their work or services, typically measured in terms of wages or salary.