A Presidential Emergency Declaration

question 29

Multiple Choice

A presidential emergency declaration

• A)remains in force for only one month unless it is renewed by the president.
• B)remains in force for only one year unless it is renewed by the president.
• C)remains in force until the Senate votes to rescind it.
• D)remains in force until the president chooses to rescind it.

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Definitions:

Marginal Costs

The cost of producing one additional unit of a good or service.

Profit-Maximizing

The process by which a company determines the price and output level that returns the greatest profit.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full adjustment to changes.

ATC

Average Total Cost; the per unit cost of production, calculated by dividing the total cost by the quantity produced.