A major problem with using the egalitarian principle to distribute income is that
A) it would eliminate the incentives that rewards provide in an economic system.
B) it is difficult to know when an equal distribution of income has been achieved.
C) it would not be fair to the wealthy.
D) there exist no mechanisms to carry out such a scheme.
Answer: A) It would eliminate the incentives that rewards provide in an economic system.
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The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, producer surplus
A) increases. B) decreases. C) stays the same. D) changes in a direction that cannot be determined from the information given.
In the United States, there is a federal minimum wage that is followed by each state
a. True b. False Indicate whether the statement is true or false