Passage of the State Budget Occurs with

question 19

Multiple Choice

Passage of the state budget occurs with

• A)a simple majority in both chambers of the state legislature.
• B)an absolute majority in both chambers of the state legislature.
• C)a simple majority in the assembly and two-thirds vote in the senate..
• D)a two=thirds vote in each chamber of the legislature.

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Definitions:

Competitive Industry

A market scenario where multiple firms produce similar products, leading to high levels of competition.

Short-Run Industry Supply

The total quantity of goods that firms in a particular industry are willing and able to sell at different prices in a short period, with some factors held constant.

Total Cost Function

The total cost function is a mathematical representation that shows how total costs of production vary with changes in output level.

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.