Efficiency is another word for equity.
Answer the following statement true (T) or false (F)
False
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What is the substitution effect?
What will be an ideal response?
Assume the market was in equilibrium in the graph shown. If the market price were set to $6, which of the following is true?
A. For those still interacting in the market, some surplus is transferred from buyer to seller.
B. For those still interacting in the market, some surplus is transferred from seller to buyer.
C. Producers gain the surplus of those buyers who dropped out of the market.
D. Consumers gain the surplus of those sellers who dropped out of the market.
The negative slope of the demand curve reflects the:
A. positive relationship between price and quantity demanded. B. proportional relationship between price and quantity demanded. C. inverse relationship between price and quantity demanded. D. inverse relationship between income and quantity demanded.
[Yd - C] equals
A. the MPS. B. saving. C. spending. D. the MPC.