The Term ________ Refers to the Lack of Resources That

question 49

Multiple Choice

The term ________ refers to the lack of resources that leads to hunger and physical deprivation

• A)socioeconomic inequality
• B)absolute poverty
• C)lower class
• D)relative poverty

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Definitions:

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output all firms in the industry are willing to produce.

Marginal Value

Additional benefit derived from purchasing one more unit of a good.

Consumer Surplus

The gap between the price consumers are ready to pay for a good or service and the price they actually incur.

Marginal Revenue

The surplus revenue acquired from the sale of one more unit of a good or service.