Means-Tested Programs

question 5

Multiple Choice

Means-tested programs:

• A)provide benefits for all.
• B)are poverty programs that specifically help those with low incomes.
• C)provide benefits only for households that earn below the mean household income in the United States for a given year.
• D)provide only in-kind benefits.

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Definitions:

Perfectly Competitive Market

A theoretical market structure characterized by an infinite number of buyers and sellers, where no single entity has the power to influence the market price.

Market Characteristics

Features that define a specific market, including the number of buyers and sellers, product differentiation, and level of competition.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that sellers are willing to supply.

Long-Run

A period of time in economics where all factors of production and costs are variable, allowing full adjustment to market changes.