John Rawls Argues That Some Inequalities Are Necessary in Order

question 12

Multiple Choice

John Rawls argues that some inequalities are necessary in order to provide incentives for

• A) labour supply only.
• B) saving only.
• C) effort only.
• D) labour supply and saving only.
• E) labour supply,saving,and effort.

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Definitions:

Industry Supply Curve

The industry supply curve represents the total quantity of goods that producers in a market are willing and able to sell at different prices, assuming all other factors constant.

Output

The cumulative production of goods or services by a corporation, industry, or the entire economy.

Supply Curve

A graph showing the relationship between the price of a good and the amount of the good that suppliers are willing to sell at that price.

Market Demand

The total amount of a product or service that all consumers in a market are willing and able to purchase at various prices.