Which Best Describes How the Local Government Is Provided Authority

question 38

Multiple Choice

Which best describes how the local government is provided authority?

• A)Through the ability to tax local residents to meet local needs
• B)Through the people themselves who band together to create the community
• C)Power delegated from the federal level to the local level
• D)Power delegated from the states

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Definitions:

Profit Maximization

A method used by firms to determine the best output and price levels in order to achieve the highest profit.

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a good or service.

Output Effect

The impact on total production and revenue when a firm alters the quantity of output produced, holding other factors constant.

Monopolist's Profit

The excess earnings a monopolist achieves due to the lack of competition, allowing for pricing above marginal cost.