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Power allocation is studied for fixed-rate transmission over block-fading channels with arbitrary continuous fading distributions and perfect transmitter and receiver channel state information. Both short- and long-term power constraints for arbitrary input distributions are considered. Optimal power allocation schemes are shown to be direct applications of previous results in the literature. It is shown that the short- and long-term outage exponents for arbitrary input distributions are related through a simple formula. The formula is useful to predict when the delay-limited capacity is positive. Furthermore, this characterization is useful for the design of efficient coding schemes for this relevant channel model.