When a Market Price Allocates a Scarce Resource

question 42

Multiple Choice

When a market price allocates a scarce resource,

• A)everyone in the economy can use the resource.
• B)the richest people get the resource.
• C)willingness-to-pay is not an issue.
• D)ability to pay for the resource is less important than willingness-to-pay.
• E)only those who are willing and able to pay get the resource.

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Definitions:

Native Americans

Indigenous peoples of the Americas, present before the arrival of European settlers, with distinct cultures, languages, and histories, and who faced displacement and challenges to their way of life due to colonization.

Moral Suasion

The abolitionist strategy that sought to end slavery by persuading both slaveowners and complicit northerners that the institution was evil.

Moral Reform Groups

Organizations that emerged, particularly in the 19th century, with the goal of improving society by combating perceived moral failings, such as alcohol consumption, gambling, and prostitution.

Gilded Age

A term describing the late 19th century period in the United States marked by rapid industrialization, economic growth, and ostentatious wealth among the upper class.