The distribution of income in a market economy is primarily determined by differences in
a. effort and sacrifice and intelligence with the most important factor being intelligence since human capital is a resource
b. the level of needs of the average or median income individual when selling her labor
c. resource ownership and the value that resources buyers place on the resources that are sold in the marketplace
d. the level of government intervention in the economy as it relates to job openings
e. the amount of time that an individual spends working and the intensity of this effort
C
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Consumer equilibrium is a condition in which total utility cannot increase by spending more of a given budget on one good and spending ____ on another good
a. an equal amount b. more c. less d. zero
If 100 shirts are sold when unit price is $10, while 75 shirts are sold when the unit price is $15, one can conclude that in this price range:
A. Demand for the shirts is elastic B. Demand for the shirts is inelastic C. Demand for the shirts has shifted to the right D. Consumers are quite sensitive to changes in the price of the shirt