According to the Text,which Statement Best Describes Income Inequality in Canada

question 84

Multiple Choice

According to the text,which statement best describes income inequality in Canada?

• A) The poorest 20 percent of households receive less than 15 percent of total income.
• B) The top 40 percent of households receive over 90 percent of total income earned.
• C) The top 10 percent receive over 40 percent of total income earned.
• D) The top 100 highest-income occupations earn five times as much as the ten lowest-earning occupations.

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Definitions:

Firm

A business organization, such as a corporation or partnership, that sells goods or services in exchange for revenue.

Profit-Maximizing Firm's Output

The output level at which a firm achieves the maximum possible profit, typically where marginal cost equals marginal revenue.

Perfectly Competitive Firm

A theoretical concept where a company operates in a market where there are many buyers and sellers, all selling homogeneous products, with no barriers to entry or exit.

Monopolist's Product

A product that has no close substitutes, making the seller the sole provider and able to control market prices.