Which Clause Provides That the Constitution Shall Be the Supreme

question 1

Multiple Choice

Which clause provides that the Constitution shall be the supreme law of the land?

• A) full faith and credit
• B) supremacy
• C) primacy
• D) due process

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for goods and services that are used in the production of other goods or services.

Accounting Profit

The financial profit of a business calculated by subtracting total expenses from total revenue, as shown in the company's income statement.

Economic Profit

A measure of profitability calculated by subtracting both explicit and implicit costs from total revenues, reflecting the true economic performance of a business.

Implicit Costs

Represent the opportunity costs of using resources that a firm already owns for production, instead of allocating them for other purposes.