Social Security Was Established in ________

question 51

Multiple Choice

Social Security was established in ________.

• A) 1897
• B) 1929
• C) 1930
• D) 1935
• E) 1965

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Definitions:

Pure Nondiscriminating Monopolist

A market situation where a single seller sells a product to all buyers at the same price without price discrimination.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a utility to consumers equal to the cost of producing it.

Productive Efficiency

A situation in which a good or service is produced at the lowest possible cost.

Monopolistic Producer

A single producer that has control over the market for a product or service, often characterized by a lack of close substitutes.