Under the Articles of Confederation, the Continental Congress

question 208

Multiple Choice

Under the Articles of Confederation, the Continental Congress

• A) had little to do and had virtually no power.
• B) was comprised of a House of Representatives and a Senate.
• C) frequently declared state laws unconstitutional.
• D) was all-powerful.
• E) was dissolved.

---

Definitions:

Purely Competitive

A market structure characterized by a large number of small firms producing identical products, with easy entry and exit from the market, leading to no single firm having control over market price.

Wage Rate

The compensation paid to employees for their labor, typically expressed as an hourly, daily, or piece rate.

Variable Input

A factor of production whose quantity can be changed easily and quickly in the short run to increase or decrease output.

Purely Competitive

A market structure characterized by many small sellers offering identical products, easy entry and exit, and perfect information, leading to price-taking behavior.