Regulatory Commissions Are Usually Run with an Odd Number of Commissioners

question 43

Multiple Choice

Regulatory commissions are usually run with an odd number of commissioners

• A)to facilitate rotation in office.
• B)to prevent tie votes.
• C)by longstanding tradition dating back to the Middle Ages.
• D)to prevent any area of the country from being overrepresented.
• E)after the passage of the 1961 Bureaucratic Improvement Act.

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Definitions:

Implicit Costs

The opportunity costs incurred by a firm for using its own resources without a direct monetary payment.

Implicit Costs

Costs that represent the loss of potential income from resources when they are not utilized in their best alternative use.

Opportunity Cost

Forgoing possible gains from various alternatives by picking a specific one.

Personal Savings

The portion of an individual's income that is not spent on consumption and is saved for future expenses, investments, or emergencies.