The Iron Triangle of Power Is a Three-Way Arrangement in Which

question 32

True/False

The iron triangle of power is a three-way arrangement in which a private interest group (usually a corporation),a congressional committee or subcommittee,and a bureaucratic agency make the final decision on a political issue that is to be decided by that agency.

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Definitions:

Economic Costs

The total value of all resources used in the production of a good or service, including both explicit and implicit costs.

Normal Rate

A term often used to refer to the standard or commonly accepted rate for a financial or economic measurement, but can vary by context.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or investment.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, reflecting a return beyond the normal profit level.