Are the poor disadvantaged in a competitive marketplace?
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Yes, because the poor are unable to buy the necessary goods and services |
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No, because in a competitive market, goods and services will be more affordable to those with low income |
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No, because it is not the role of a competitive market to enable the poor to buy the goods and services they need; that’s the government’s role |
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b and c |
Option 2
Because of the competition the producers would be forced to operate at thin profit margin as the price gets set by the market demand and supply forces so as the poor to can afford the goods
Are the poor disadvantaged in a competitive marketplace? Yes, because the poor are unable to buy...
1. When government medical expenditures are analyzed, is it appropriate to conclude that the main objective of such expenditures is to improve health and decrease mortality rates? a. Yes, because many more people-such as those who are low income and the aged-are provided with subsidized coverage b. No, because very large subsidies are provided to the politically important aged and do not improve health levels as much as if those funds were spent in other ways and on other population...
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1. The competitive market system: a. Encourages innovation because successful innovators are rewarded with economic profits b. Encourages innovation because government provides tax breaks and subsidies to those who develop new products or new productive techniques. c. Discourages innovation because firms want to get all the profits possible from existing machinery and equipment. 2. Which of the following countries has out of control inflation? a. United States b....
33. In the long run, firms in a monopolistically competitive market structure a. earn zero economic profit. b. produce an output level where price = marginal cost. c. do not produce output at minimum average cost. d. produce an output level where marginal revenue = marginal cost. e. a, c, and d are true 34. Externalities a. never occur when markets are perfectly competitive. b. are fully reflected in market prices. c. are reflected in the final price of goods...
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Your government desires that the poor in your economy eat more French Vanilla Ice Cream (a healthy protein supplement). So it taxes the rich and gives the tax revenues as a $20.00 per-month subsidy to each poor person with which she/he MUST spend on this ice cram flavor. (a)With the price of "all other goods (AOG)" at $1.00 per unit and the price of French Vanilla Ice Cream at $1.00 for dollar each carton, show how a typical poor person with an income...
Firms that buy inputs from suppliers have more bargaining power when: A. the costs of switching suppliers are low B. the suppliers sell highly differentiated products C. there are many other buyers in the market D. they purchase a relatively small quantity of product If a firm successfully differentiates its product from other products in the market, then we should expect the elasticity of demand for the differentiated product to become: A. retain the same elasticity of demand B. more...
4) If we observe trade platforms (like craigslist, facebook marketplace, etc) expanding as more users sign up for the platforms, what is one-word economists might use to describe this activity? A) Fortunate B) Efficient C)Beneficial D) Costly E) None of the above 5) Thinking on the margin, what are some reasons economists might use the word you chose in 4 to describe this process? A) These platforms reduce marginal cost of trading B) These platforms increase the marginal cost of...
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Economics is a social science concerned with: The best use of scarce resources to achieve the maximum satisfaction of economic wants. Increasing the level of productive resources so there is a minimum level of income. Increasing the level of productive resources so there is maximum output in society. The best use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer: A person should consume more of something when its marginal: benefit exceeds...