In a market economy, differences in incomes will
a. reflect the relative scarcity of resources.
b. provide individuals with an incentive to supply resources that are valued by others.
c. determine the income distribution among market participants.
d. do all of the above.
D
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The production of electricity creates pollution. When deciding how much electricity to buy, customers ________ the cost of pollution. When deciding how much electricity to buy, producers ________ the cost of pollution
A) take into account; take into account B) do not take into account; do not take into account C) take into account; do not take into account D) do not take into account; take into account E) None of the above answers is correct.
In the above figure, if the union has Q2 members and wants to ensure that all members have jobs, it will set wage equal to
A) W1. B) W2. C) W3. D) none of the above.