An Economist Would Say the Price Is Too High for a Certain

question 86

Multiple Choice

An economist would say the price is too high for a certain service if

• A)poor people couldn't afford to buy it.
• B)nobody could afford to buy it.
• C)the price was above marginal cost.
• D)it is an essential service and consumes a significant share of income.

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Definitions:

Cultural Appropriation

The act of taking or using elements of one culture by members of another culture, often without understanding or respect for its significance.

Minority Group

A group of people who, because of their physical or cultural characteristics, are singled out from the others in the society in which they live for differential and unequal treatment.

Commodity

A basic good used in commerce that is interchangeable with other goods of the same type, often applied to raw materials and agricultural products.

Profit

The financial gain realized when the amount earned from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.