What is the percentage of income received by the lower two quintiles on line X?
40
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A decline in the price of resource A will
A. shift the demand curve for A to the right. B. shift the demand curve for A to the left. C. reduce the demand for complementary resource B. D. increase the demand for complementary resource B.
In an unregulated market for healthcare, the quantity produced ________ the efficient quantity
A) is less than B) is greater than C) is equal to D) cannot be compared to
What is perfect competition?
a. A situation in which each firm faces many competitors that sell identical products b. A situation in which a firm has a monopoly on a product c. A situation in which one firm has a distinct sales advantage over other competitors d. A situation in which each firm has a distinctly different version of the same product
It is not uncommon for people to say something like, "If we can put someone on the moon we should be able to . . . ," followed by the person's favorite project. What response can an economist make to this person?
What will be an ideal response?