Assume That You Have Been Given Autocratic Power Over Texas

question 13

Essay

Assume that you have been given autocratic power over Texas. It comes with one condition: you must reduce the percentage of persons living in poverty to 5 percent or less. What would you do? In your discussion, explore the causes and incidence of poverty. You may also want to speculate on whether a high degree of poverty is inevitable.

---

Definitions:

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit from the market.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Single-Price Monopolist

A market dominance condition where a monopolist charges the same price for all units of a product sold to every consumer.

Perfectly Price Discriminate

A theoretical pricing strategy where a seller charges the maximum price each individual consumer is willing to pay, capturing all consumer surplus.