Unfunded Mandates Were Once a Source of Friction Between the States

question 41

True/False

Unfunded mandates were once a source of friction between the states and their local governments, but states now pay most of the costs associated with mandated policies that affect local governments.

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Definitions:

Demand

The total quantity of goods or services that consumers are willing and able to purchase at a given price level in a market.

Supply

The total amount of a specific good or service that is available to consumers in a market at a given time and price.

Elastic

Describes a situation in which a change in price leads to a significant change in the quantity demanded or supplied of a good or service.

Supply

The total amount of a good or service that is available to consumers at a given price level and time.