The Time It Takes to Pass Legislation to Implement a Particular

question 50

Multiple Choice

The time it takes to pass legislation to implement a particular policy is called

• A)the data lag.
• B)the recognition lag.
• C)the legislative lag.
• D)the implementation lag.
• E)the effectiveness lag.

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Definitions:

Marginal Utility

The additional satisfaction or benefit gained from consuming one more unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained benefit.

Market Price

The current price at which a commodity, security, or service can be bought or sold in a particular market.

Willingness to Pay

The maximum amount an individual is prepared to spend for a particular good or service.