Which of the Following Is a Branch of the U

question 7

Multiple Choice

Which of the following is a branch of the U.S. government?

• A) Congress
• B) legislative
• C) presidency
• D) Senate
• E) Supreme Court

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Definitions:

Purely Competitive Firm

A business that operates in a market where there are many buyers and sellers, and it has no control over the market price of its product.

Economic Profit

The difference between a firm’s total revenue and its opportunity costs (including both explicit and implicit).

Long-run Average Total Cost

The total cost per unit of output when all factors of production are variable, and economies of scale have been achieved.

Average Total Cost Curve

A graphical representation showing how the total cost of production per unit of output changes with the level of output.