Inequality Within Countries Has Been __________,And Inequality Between Countries Has

question 105

Multiple Choice

Inequality within countries has been __________,and inequality between countries has been _________ in recent decades.

• A) increasing; decreasing
• B) increasing; increasing
• C) decreasing; increasing
• D) decreasing; decreasing

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Definitions:

Supply and Demand

Fundamental economic model describing how the price and quantity of a good are determined in a market, based on the relationship between product availability and consumers' desire for it.

Determinant of Demand

A factor that affects the willingness and ability of consumers to buy a product, which can include price, income, tastes, and expectations.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, achieving market balance.

Normal Good

A good for which demand increases as consumer income rises, demonstrating a direct relationship between income and demand.