A Major Rule of an Administrative Agency

question 30

Multiple Choice

A major rule of an administrative agency:

• A) does not become final until Congress has had an opportunity to disapprove it.
• B) is any rule that the Office of Management and Budget finds has resulted in or is likely to result in an annual effect on the economy of at least one million dollars.
• C) must be published in the Federal Register prior to its becoming final, but need not be submitted to Congress.
• D) is a rule that will have a significant effect on competition and that becomes final if it is submitted to and approved by the President.

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Definitions:

Pure Monopolist

A pure monopolist is a market participant that is the sole provider of a product or service, thus controlling the entire supply and influencing price without competition.

Profit-Maximizing

A business strategy focusing on actions that increase the difference between total revenues and total costs to achieve the highest possible profit.

Economic Profit

The difference between total revenue and the total costs, including both explicit and implicit costs.

Pure Monopolist

A market structure in which a single company or entity has exclusive control over the production and sale of a particular product or service, with no close substitutes.