The Legislature Holds a Regular Session

question 59

Multiple Choice

The legislature holds a regular session

• A) once every other year.
• B) every year.
• C) every spring and fall.
• D) only when a new governor takes office.

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, usually intended to protect consumers.

Purely Competitive Market

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.

Surplus

The situation in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Federal Food Distribution

Programs and services run by the government to distribute food to the needy, schools, and other institutions to ensure food security.