Bertrand De Juvenal's Views on Income Distribution and Fairness Can

question 70

Multiple Choice

Bertrand de Juvenal's views on income distribution and fairness can best be described by the statement:

• A) The lesser individuals' duty should be to work for the well-being of the brightest individuals.
• B) A high level of income inequality is necessary to sustain the arts, beauty, education, and civilization.
• C) Society's goal should be to maximize the welfare of the least well-off, but some inequality is necessary to meet this goal.
• D) Property rights should be equally distributed, and the market should determine the distribution of income.

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Definitions:

Price Discrimination

Price discrimination involves charging different prices to different consumers for the same product or service, based on willingness to pay, location, or other distinguishing factors.

Inelastic Demand

Refers to a situation where demand for a product does not significantly change with a change in the product's price.

Higher Price

A situation where the cost of a good or service is increased beyond its standard or previous rate.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding opportunity costs.