In the Hobby Lobby Case, the Supreme Court Ruled That

question 102

Multiple Choice

In the Hobby Lobby case, the Supreme Court ruled that

• A)the state-based insurance exchanges set up under the Affordable Care Act were a violation of the Constitution's Tenth Amendment.
• B)state governments could opt out of the Affordable Care Act's Medicaid expansion without fear of losing their existing Medicaid funds.
• C)the "individual mandate" of the Affordable Care Act was unconstitutional.
• D)"closely held" corporations were exempt from provisions of federal law that violated their owners' religious beliefs.

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Definitions:

Profit-maximizing Output

The level of production at which a firm's marginal cost equals its marginal revenue, leading to the highest possible profit.

Cournot Model

A model of oligopoly in economics where competing firms simultaneously and independently decide on the quantity of production, leading to a strategic interaction.

Maximize Revenues

Strategies or actions taken by a business to increase its total income from sales or other sources as much as possible.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often to maximize their collective profit.