At the State and Local Levels of Government in the United

question 126

Multiple Choice

At the state and local levels of government in the United States,the majority of government employees work in which area?

• A) Postal Service
• B) Education
• C) Hospitals and other health care
• D) Police and corrections

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Definitions:

Marginal Revenue

The additional income gained from selling one more unit of a good or service.

Total Cost

The sum of fixed costs and variable costs incurred by a business in producing a particular level of output.

Industry Equilibrium Price

The price at which the total quantity demanded by consumers equals the total quantity supplied by firms in an industry.

Perfectly Elastic

A situation in demand or supply where quantity demanded or supplied changes infinitely with any change in price.