Economists Generally Agree That in Reducing Poverty, Policies Should Be

question 25

Multiple Choice

Economists generally agree that in reducing poverty, policies should be sought that do the

• A)greatest good for total production.
• B)least harm to work incentives.
• C)most good for the poor.
• D)least harm to equality of income.

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Definitions:

Purely Competitive Conditions

Market situations in which a large number of firms produce identical products, and there is no single seller who can influence the market price.

Profit-maximizing Equilibrium

A state in which a firm achieves the highest possible profit, given its production costs and market conditions.

Appliance Manufacturer

A company that produces electrical machines and devices for domestic use.