If income is distributed equally in a society, the poorest fifth of the population receives
a. 5 percent of the total income.
b. one-fifth as much as the richest fifth of the population.
c. 20 percent of society's total income.
d. 50 percent of society's total income.
c
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One explanation for the change in the participation rate of married women in the U.S. labor force is that:
Which of the following might explain why the government would create a price ceiling for a certain good?
a. The equilibrium price that would result in the market would be considered too high b. The equilibrium price that would result in the market would be considered too low c. The equilibrium quantity that would result in the market would be considered too high d. The equilibrium quantity that would result in the market would be considered too low e. The government never has a reason to create price floors or price ceilings
Which of the following is true at the level of output at which a competitive firm maximizes profit?
a. price = marginal cost b. price = wage/value of marginal product of labor c. price = marginal product of labor/wage d. All of the above are correct.
One World View article is titled "Competition Shrinks India's Phone Bills." Competitive forces typically force companies to
A. Improve product quality and reduce service. B. Cut prices, improve product quality, and improve service. C. Improve service and raise prices. D. Cut prices and reduce product quality.