Critics of the U

question 51

Multiple Choice

Critics of the U.S. definition of poverty claim that it is set too _______, because food prices are _______ relative to the prices of other essential goods and services.

• A)low; low
• B)high; high
• C)low; high
• D)high; low

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Definitions:

Consumer Surplus

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

Market Forces

The natural factors of supply and demand that determine prices, production levels, and resource allocation in a freely competitive economy.

Resistance Price

A price level at which an asset meets pressure on its way up due to a concentration of selling interest, often used in technical analysis of financial markets.

Willingness to Pay

The maximum amount an individual or entity is prepared to spend to purchase a good or service or to avoid something undesirable.