The terms equality and efficiency are similar in that they both refer to benefits to society. However they are different in that
a. equality refers to uniform distribution of those benefits and efficiency refers to maximizing benefits from scarce resources.
b. equality refers to maximizing benefits from scarce resources and efficiency refers to uniform distribution of those benefits.
c. equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity cost of the benefits.
d. equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing identical tradeoffs.
a
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Let D = demand, S = supply, P = equilibrium price, Q = equilibrium quantity. What happens in the market for solar panels if the government offers tax breaks to encourage manufacturers to produce more solar panels?
A) S increases, D no change, P decreases, Q increases. B) D increases, S no change, P and Q increase. C) D and S increase, P and Q decrease. D) D no change, S increases, P decreases, Q decreases.
If the cross elasticity of demand for potato chips and pretzels equals 1.5,
A. potato chips and pretzels must both be luxury goods. B. either potato chips or pretzels must be a luxury good, and both may be luxury goods. C. potato chips and pretzels must be substitutes. D. potato chips and pretzels must be complements.