Typically, Microloans Are Less Than $600 and Often as Little

question 41

Multiple Choice

Typically, microloans are less than $600 and often as little as

• A) $100.
• B) $50.
• C) $30.
• D) $20.

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Definitions:

Perfectly Competitive

Describes a market structure where many firms sell identical products, there are no barriers to entry, and no single buyer or seller can influence the market price.

Allocate Resources

The process of distributing available resources, such as labor, capital, and land, among various uses to fulfill societal needs and wants.

Consumer Surplus

The deviation between the monetary amount consumers are willing to pay for a good or service and the monetary amount they actually pay.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay and the actual price they do pay.