An Iron Triangle Is the

question 6

Multiple Choice

An iron triangle is the

• A)stable relationship between a bureaucratic agency, a clientele group, and a legislative committee.
• B)inability to reform federal rules without help from the House of Representatives, the Senate, and the president.
• C)domination of a few large companies in the regulation of iron mining and smelting.
• D)breakdown in the separation of powers between Congress, the federal judiciary, and the president.

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Definitions:

Marginal Product

The change in total output that results from the employment of one additional unit of a resource.

Marginal Cost

Represents the change in total production costs resulting from making one additional unit of a product or service.

Economies of Scale

Advantages in cost that businesses gain from expanding their production scale, leading to a decrease in the average cost per unit produced as the operation size grows.

Average Farm

Refers to a farm with characteristics (size, income, production level) that represent the mean or typical values when compared to the broader agricultural landscape.