The distribution of income in a market economy is determined by
a. the level of employment and prices of the factors of production.
b. the prices of factors of production.
c. largely unknown forces which economists seek to discover.
d. decisions of government offices related to distribution.
a
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If an incumbent threatens to retaliate against entry, but its profits are greater under accommodated entry than under the proposed threat, potential entrants will ignore the threat
What will be an ideal response?
Graphically, producer surplus is the area:
a. above the equilibrium price and below the demand curve. b. below the equilibrium price and below the supply curve. c. above the supply curve and below the demand curve. d. below the equilibrium price and above the supply curve. e. below the equilibrium price and above the demand curve.