In Contrasting the Situations Between the $100-Per-Plate Birthday Dinners for Pet

question 93

Multiple Choice

In contrasting the situations between the $100-per-plate birthday dinners for pet cats in New York City with the fact that 70 000 Filipino people live in a garbage dump,what did the United Nations say about the level global inequality?

• A) It is unnerving.
• B) It is pathetic.
• C) It is shameful.
• D) It is grotesque.

---

Definitions:

Contestable

Pertaining to a market situation where costs of entry and exit are low, allowing for potential competition to exist even if the market is held by a few companies.

Competitive Level

indicates the intensity of competition within a market, influencing firms' strategies and market outcomes.

Price Searchers

Firms or individuals who determine their selling price based on the demand and supply conditions of the market, rather than being price takers.

Downward-sloping Demand

Refers to the economic principle that, all else being equal, as the price of a good or service decreases, the quantity demanded increases.