In a Market Economy, Which of the Following Is Most

question 19

Multiple Choice

In a market economy, which of the following is most important if a worker is going to achieve high earnings?

• A) hard work
• B) provision of goods and/or services that others value highly
• C) having a graduate degree in a field like history or sociology
• D) membership in a labor union

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.

Perfectly Inelastic

Refers to a scenario in which the amount demanded or supplied shows no reaction whatsoever to changes in price.

Total Revenue

The total amount of money earned by a business from the sale of its goods and services.

Price-elastic

Refers to the responsiveness of demand or supply to changes in price, with high elasticity indicating significant response to price changes.