Jack wants to buy a new house. But the surge in housing demand over the last few months has led to a sharp increase in housing prices making it impossible for him to afford one on his current income. This is an example of a ________

Which of the following factors leads to differences in income across individuals?

a. the level of skills possessed by an individual b. the quality of human capital and education c. preferences for work over leisure d. all of the above

In a competitive market, a. demand will always reflect all spillover costs

b. demand will always reflect all spillover benefits. c. supply will always reflect all spillover costs. d. none of the above are true.