The absolute poverty line looks at ________, and the relative poverty line captures ________
A. the percentage of the population that falls within the lowest quartile of income earners; what people can afford compared to those around them.
B. the percentage of the population that falls within the lowest quartile of income earners; the percentage of the population that earns 40 percent less than the median income.
C. who cannot afford the basic necessities; what people can afford compared to those around them.
D. what people can afford compared to those around them; who cannot afford the basic necessities.
Answer: C
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The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the marginal benefit of the last gallon of milk consumed is
A) $3.50 a gallon. B) $4.00 a gallon. C) $4.50 a gallon. D) $5.00 a gallon.
Describe the supply curve in a monopoly market
What will be an ideal response?