All of the Following Statements About Professional Interest Groups Are $\bold{except}$

question 62

Multiple Choice

All of the following statements about professional interest groups are true $\bold{except}$

• A) they include the American Medical Association and the American Bar Association
• B) members, such as doctors and lawyers, are influential because of their social status.
• C) the attorneys within these groups have an advantage because many members of Congress are also attorneys.
• D) the AMA spends large amounts of money on lobbying.
• E) they include police officers, fire fighters, teachers, and college instructors.

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Definitions:

Purely Competitive Firm

A company that operates in a market where there are many buyers and sellers, none of which can influence market prices significantly.

Long Run

A period of time during which all factors of production and costs are variable, in contrast to the short run where some are fixed.

Market Supply

The total amount of a product or service that is available to consumers, determined by the sum of all individual suppliers' outputs in the market.

Decreasing-cost Industry

An industry that experiences lower production costs as the industry output expands, often due to economies of scale.