In Resource Markets,_____

question 3

Multiple Choice

In resource markets,_____

• A)firms demand the resources that maximize profit.
• B)firms demand the resources that minimize profit.
• C)firms supply the resources that maximize utility.
• D)firms supply the resources that minimize utility.
• E)firms and profit are not related.

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Definitions:

Judicial Review

A process by which courts evaluate the constitutionality of legislative acts or government actions.

Marbury V. Madison

A landmark Supreme Court case in 1803 that established the principle of judicial review in the United States, asserting the court's authority to check the compatibility of laws with the Constitution.

Article III

The section of the United States Constitution that establishes the judicial branch, including the Supreme Court and lower courts.

Judicial Review Origins

Refers to the historical development and legal acknowledgment that courts have the power to review and nullify actions or laws that are deemed unconstitutional.