Examlex
Which of the following statements about the immunity of governmental entities is (are) true?
I.Governmental entities are more likely to be immune from liability when performing proprietary functions than when performing governmental functions.
II.Many courts have eliminated the immunity of government entities.
Industry
A sector of the economy that involves the production and manufacturing of goods or the provision of services.
Long Run
A period during which all factors of production and costs are variable, in contrast with the short run where some costs are fixed.
Short Run
A period in economics during which at least one input, such as plant and equipment, is fixed, focusing on immediate effects of economic decisions.
Marginal Revenue
The additional income generated from the sale of one more unit of a product or service.
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