Jefferson and Madison Argued That If a State Were to Determine

question 40

Multiple Choice

Jefferson and Madison argued that if a state were to determine that a national law violates the Constitution, the state could overrule that law under the theory of

• A) State's rights
• B) Nullification
• C) Executive privilege
• D) Dual federalism

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Definitions:

Market Price

The current value at which a good or service can be bought or sold in a given market.

Short-Run Equilibrium

A state in which supply equals demand within a particular market, specifically under the assumption that some conditions (like input prices) are fixed in the short term.

Marginal Cost

The charge for the production of one more unit of a product or service.

Marginal Revenue

The enhanced earnings a firm receives from offloading an extra unit of a good or service.