How do you calculate consumer surplus?

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Answer 1

Consumer surplus is the difference between the highest price a consumer is willing to pay for a good or service and the actual price they pay. It is a measure of the additional benefit or satisfaction that consumers receive from purchasing a good or service. To calculate consumer surplus, you can use the following formula: Consumer Surplus = Willingness to Pay - Actual Price

For example, if a consumer is willing to pay $100 for a good but only has to pay $80, their consumer surplus is $20 ($100 - $80 = $20).

It is important to note that consumer surplus only exists when the willingness to pay is greater than the actual price. If the willingness to pay is less than the actual price, there is no consumer surplus.

In conclusion, to calculate consumer surplus, you simply subtract the actual price of a good or service from the highest price a consumer is willing to pay for it. The result is the additional benefit or satisfaction that the consumer receives from the purchase.

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Related Questions

Why is effective communication important in business?

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Answer:

Effective communication is essential for managing relationships with your staff, customers and stakeholders. Poor communication can ruin relationships, and potentially result in lost sales and a damaged reputation.

what is found in the space between the pleural layers?

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The space between the pleural layers, also known as the pleural cavity, contains a small amount of fluid. This fluid allows the two pleural layers to glide smoothly as the lungs expand and contract during breathing.

The pleural cavity is a thin, fluid-filled space that separates the two pleural layers, which are thin membranes that surround each lung. The pleural layers are important in maintaining the proper function of the lungs during breathing.

The pleural cavity also helps to maintain the negative pressure required for proper lung expansion and to prevent the lungs from collapsing. This negative pressure is maintained by the elasticity of the lungs and the surface tension of the pleural fluid, which prevents the pleural layers from sticking together.

In healthy individuals, the pleural cavity is very small and contains only a small amount of fluid. However, in certain medical conditions, such as pleural effusion, the amount of fluid in the pleural cavity can increase, leading to pressure on the lungs and causing difficulty breathing.

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assuming per capita demand remains the same, what will be the approximate power demand in fremont center in 40 years?a. 1,000 MWb. 2,000 MWc. 3,000 MWd. 4,000 MWe. 5,000 MW

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The per capita demand remains constant, Freemont Center's approximated power demand in 40 years is d) 4,000 MW.

Peak electricity demand

Maximum demand for a facility refers to the load demand that is placed on the facility at any one time. The load on the power plant varies occasionally. The sum of all demands that have occurred over a given time period, say a day, is the greatest demand on the power plant.

Inexpensive energy source

According to the IEA's Global Energy Outlook and other scientific research, solar and wind energy continue to hold the top spots as the lowest priced renewable energy sources. Both sources of energy are far less expensive than equivalents like fossil fuels, and they continue to become more so every year.

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The difference between the ________ for a good and the ________ is called consumer surplus.
A. highest price a consumer is willing to pay; lowest price a consumer is willing to pay
B. lowest price a consumer is willing to pay; price the consumer actually pays
C. highest price a consumer is willing to pay; price the consumer actually pays
D. price the consumer actually pays; actual cost to the producer

Answers

Consumer surplus is the difference between both the greatest possible price for a good and what the consumer is prepared to spend. (Choice A)

What do you mean by consumer surplus?

In economics, the term "consumer surplus" refers to the difference between both the price the consumer pays for a good and the amount he would be prepared to pay rather than go without it. It is also referred to as "social surplus" and "consumer's surplus."When customers pay less for a good or service than they are willing to, this is known as a consumer surplus. It measures the extra benefit that consumers get from paying less for a product than they would have been prepared to.

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in your role as project leader for the organization’s involvement in the annual united way campaign, you have planned a party to mark the end of the fundraising initiative. what must you do to ensure the party is implemented successfully?

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Remind the group of the significance of encouragement.

What is meant by a Fundraising Campaign ?

An extended period of time-consuming fundraising that emphasizes a particular, defined goal is known as a fundraising campaign.

Nonprofits employ fundraising campaigns to spread awareness of their aims and, more particularly, the program or project for which they are currently accepting donations.

A capital campaign is a focused effort to secure significant gifts and generate a significant sum of money for a particular cause or project within a set period of time.

Large undertakings like the purchase or refurbishment of a building are often funded by capital campaigns. giving campaign on Tuesday The Tuesday following Thanksgiving is designated as "Giving Tuesday," a day when people around the world donate.

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the ancient greeks had difficulty accounting for the motion of a thrown object because they thought that

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The historical Greeks had subject accounting for the motion of a object due to the fact they thought that force was once wanted to maintain the object moving.

How did historic Greeks give an explanation for the motion of the sky?

The Ptolemaic Model

By the time of Ptolemy Greek astronomers had proposed including circles on the round orbits of the wandering stars (the planets, the moon and the sun) to provide an explanation for their motion. These circles on circles are referred to as epicycles.

It ran opposite to their senses. If the Earth rotated, then there need to be a “great wind” as we moved thru the air. Greeks knew that we need to see stellar parallax if we orbited the Sun – however they should not discover it.

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which place sells the most chocolate in the world?

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Answer: "The Swiss eat the most chocolate in the world at 25.5 pounds per person. Europe is the largest chocolate market, with $45 billion in chocolate sales projected in 2022."

what is the ultimate aim of customer relationship​ management?

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The ultimate aim of Customer Relationship Management (CRM) is to improve customer satisfaction, loyalty, and retention, and to drive sales growth.

By meeting consumers' wants and expectations, customer relationship management ultimately aims to establish lasting, mutually beneficial connections with them. To do this, data about consumer behaviour, preferences, and interactions with a business are gathered and analysed. This data is then used to guide and enhance both corporate choices and customer experiences. A comprehensive, data-driven picture of the consumer is what CRM aims to build so that it may be utilised to personalise interactions and provide specialised goods, services, and experiences.

CRM's overarching goal is to forge deeper, more lucrative connections with consumers by providing them with exceptional, tailored experiences that go above and beyond their expectations. By doing this, businesses may boost client retention, advocacy, and loyalty, which will eventually promote sustainable, long-term growth.

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The interest rate that equates the present value of payments received from a debt instrument with its value today is the:a. simple interest rateb. yield to maturityc. real interest rated. current yield

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The interest rate that equates the present value of payments received from a debt instrument with its value today is the "yield to maturity". The correct option is B.

The interest rate is the amount of the charged over and above the principle amount by the lender from borrower. The person which deposits money to the bank or the financial institution.

The yield to maturity or YTM is total return rate which will have been earned by the bond when it makes all the interest payments and the repays the original principle. The interest rate that equates the present value of payments received from a debt instrument with its value.

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The main categories of market-oriented approaches to pollution control are
A. redefined property rights; pollution permits; marketable charges.
B. marketable permits; better-defined property rights; pollution charges.
C. pollution charges; extended property rights; marketable permits.
D. pollution permits; defined property rights; marketable charges.

Answers

Option - B : The main categories of market-oriented approaches to pollution control are  marketable permits; better-defined property rights; pollution charges.

Pollution levies, tradable licences, and more clearly defined property rights are the three primary types of market-oriented methods to pollution management. A pollution levy is a tax levied based on the amount of pollution that a company emits.

A market-based approach to solving environmental issues would set a positive price for the usage of the environment and then let businesses use that price to decide how much pollution to release. The ideal level of pollution will be produced if the price is set right. Pollution fees, tradable permits, and more clearly defined property rights are a few examples of market-oriented environmental policies, sometimes known as cap and trade schemes. A market-oriented reform is a political action that encourages and permits private actors to compete in a certain industry, activity.

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Resulted in faster and more efficient transportation of goods, the price of goods decreased.a. Trueb. False

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This is true. If the fee decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by using a downward sloping line from left to right.

What happens to rate when grant decreases?

A decrease in furnish will motive the equilibrium fee to rise; quantity demanded will decrease. To determine what occurs to equilibrium rate and equilibrium quantity when both the supply and demand curves shift, you have to comprehend in which route each of the curves shifts and the extent to which every curve shifts.

Price is structured on the interaction between demand and grant components of a market. Demand and provide characterize the willingness of consumers and producers to engage in shopping for and selling. An change of a product takes area when consumers and retailers can agree upon a price.

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What do the WTO rules say that a country can impose antidumping duties

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Even when all conditions are met for imposition, Article 9 of a Agreement established the basic rule that implementation of anti-dumping charges is voluntary. Additionally, makes the case for using a "lesser obligation" rule.

How does the WTO handle dumping complaints?

The WTO doesn't really deal with businesses and is unable to control their operations, such as dumping. Thus, the Anti-Dumping Agreement exclusively addresses the measures that states may employ to prevent dumping. Governments act in opposition to each other's subsidies as well as in support of their own. The dumping margin, or the gap between the value of exports and the local selling price inside the exporting country, determines whether the country imposes an anti-dumping charge.

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Where does OANDA get its rates from?

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OANDA's rates are sourced from multiple institutional sources and filtered through a proprietary algorithm to provide accurate and reliable exchange rates for its customers.

OANDA is an online foreign exchange (forex) and global currency trading platform that provides customers with real-time exchange rates for currency pairs. To obtain these exchange rates, OANDA sources data from multiple institutional sources, including leading market makers, global banks, and other data providers.

OANDA uses a proprietary algorithm to aggregate and filter the data from these sources, producing the most accurate and reliable exchange rates possible. The platform provides live rates for over 90 currencies and offers a variety of tools and resources for forex traders, including charting tools, historical data, and economic news and analysis.

In addition to forex trading, OANDA also provides services to businesses and financial institutions that require accurate and up-to-date exchange rates for currency conversions and other financial transactions. These services include an API for developers and a customizable currency converter tool for websites and applications.

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What is the correct theoretical progression of Maslow's hierarchy of needs, from the bottom of the pyramid to the top of the pyramid?
Multiple Choice
A. esteem, safety, self-actualization, love, physiological
B. safety, physiological, esteem, self-actualization, love
C. safety, esteem, love, physiological, self-actualization
D. physiological, safety, love, esteem, self-actualization
E. self-actualization, love, esteem, physiological, safety

Answers

The correct theoretical progression of Maslow's hierarchy of needs, from the bottom of the pyramid to the top of the pyramid is physiological, safety, love, esteem, self-actualization. (Option D).

What is Hierarchy of Needs?

Maslow's hierarchy of needs is a motivational theory that explains the different levels of human needs and their importance in shaping behavior. The theory suggests that human needs are arranged in a hierarchical order, with the most basic physiological needs such as food, water, and shelter forming the foundation of the hierarchy.

As these needs are met, individuals progress to higher needs such as safety, love and belonging, esteem, and ultimately self-actualization. Self-actualization is the highest level of need and involves achieving one's full potential and personal growth. The hierarchy of needs has important implications for individual well-being and motivation, as well as organizational and social structures that impact human development.

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what are the commands showing the absolute path of the current working directory?

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The working directory's complete, absolute path is displayed by the pad command.

What Linux command is used to specify an absolute path?

The pad command displays the current/working directory, indicating where you are in the filesystem right now. This command always displays out the absolute path, saving you from getting lost in the filesystem.

Which Linux command displays the location of the current working directory?

PWD, or print working directory, is a command. You asked your Linux system to show your current location when you entered pwd. In response, your system printed the complete path to the currently open directory in the shell prompt window.

What is the absolute value command?

Where number denotes the numerical value for which the Absolute value must be calculated.

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When a firm has __________, it can place more emphasis on other objectives.

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When a firm has money or dollars , it can place more emphasis on other objectives.

What is Firm objectives ?

Profit maximization is a business firm's primary goal, according to the traditional theory of the firm. Price and output of a given product under perfect competition are decided with the only goal of maximizing profits, under the assumptions of given tastes and technology.

What does the company hope to achieve financially?

firm is to maximize the wealth of its owners." that the management's top priority is stockholder wealth maximization, which translates into boosting the price of the common stock. maximize the firm's value. The goal is to increase the stock price in trading and markets that are thought to be efficient.

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Which one of the following statements is BEST? A P system requires more safety stock than a Q system. A P system requires more administrative control and computer support than does a Q system. A P system lends itself more to quantity discounts than does a Q system. Under a P system, a fixed quantity Q is ordered when the inventory position reaches the reorder point R. In a periodic review system, the value of Q is kept the same from one cycle to another.

Answers

The best given statement is-

In a P system, when the inventory position hits the reorder point R, a fixed quantity Q is ordered.Explain about the types of inventory management?

A company's inventory is made up of the components, finished commodities, and raw materials it sells or utilises in manufacturing. Inventory is viewed as an asset in accounting.

Accounting professionals use stock level information to accurately report valuations just on balance sheet.Businesses may decide which goods to order when and what amounts by using inventory management. Inventory is monitored from product purchase through sale.To guarantee there is always adequate inventory to fulfil client orders and adequate warning of a shortfall, the technique recognises trends and reacts to them.The following 12 types of inventory are available: commodities, work-in-progress (WIP), completed items, dissociation inventory, safety stock, packaging materials, cycle inventory, customer inventory, transit, notional, excess and maintenance, repair, and operations (MRO).

Thus, in a P system, when the inventory position hits the reorder point R, a fixed quantity Q is ordered.

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how much of the market did rockefeller control

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At its peak, Rockefeller's Standard Oil controlled an estimated 90% of the US oil market.

John D. Rockefeller controlled a significant portion of the oil market in the late 19th and early 20th century through his company, Standard Oil. At its peak, Standard Oil controlled about 90% of the oil refineries and pipelines in the United States.

This dominance allowed Rockefeller to become one of the wealthiest people in the world at the time. However, his control of the market eventually led to the breakup of Standard Oil under antitrust laws in 1911.

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investing activities involve the acquiring and disposing of liabilities that a company needs in order to finance its operating activities. True or False

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This declaration is false. Financing things to do are described as the obtaining and disposing of sources for the motive of selling merchandise and services.

A company's investing activities include buying and promoting constant assets or the economic resources that make a contribution to generating revenues and profits.

What does investing things to do include?

Investing activities consist of purchases of physical assets, investments in securities, or the sale of securities or assets. Negative money glide is frequently indicative of a company's poor performance.

Which is an investing pastime of a business?

Investing activities consist of purchases of long-term assets (such as property, plant, and equipment), acquisitions of different businesses, and investments in marketable securities (stocks and bonds).

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What are three examples of a trade-off?

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A trade-off refers to a situation where choosing one option or action means giving up something else. Here are three examples of trade-offs: Time vs. Money, Quality vs. Cost, Short-term vs. Long-term gain.

Time vs. Money: One of the most common trade-offs is between time and money. If you work more hours, you can earn more money, but you'll have less free time to spend with your family and friends or pursue your hobbies. On the other hand, if you choose to work fewer hours, you'll have more free time, but you'll earn less money.

Quality vs. Cost: Another example of a trade-off is between quality and cost. If you want the highest quality product or service, you may need to pay more for it. However, if you choose a lower-cost option, you may have to compromise on quality.

Short-term vs. Long-term gain: A third example of a trade-off is between short-term and long-term gain. If you choose to prioritize short-term gains, you may achieve immediate success or satisfaction, but it may come at the expense of long-term success.

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What was the impact of the increase in cotton production?

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However, significant increase in production during War of 1812 led to so-called cotton boom and by middle of 20th century, cotton had emerged as most significant American commodity and cash crop for economy of south.

What is a commodity?

A commodity is a raw material or primary agricultural product that can be bought and sold, such as copper, gold, coffee, wheat or oil. These goods are usually produced in large quantities, traded in standardized units, and their prices are determined by the market demand and supply. Commodities can be physically traded, such as oil or wheat, or traded through financial contracts, such as futures or options. The prices of commodities can fluctuate widely, influenced by factors such as weather, natural disasters, political instability, and global economic conditions. Commodities play a crucial role in the global economy, as they are used to produce a wide range of goods and services and traded globally by governments, companies, and individuals.

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After outsourcing to global suppliers, ______ is not simple. A. integration B. unionization C. back-shoring D. computerization E. just-in-time.

Answers

Answer: C; Back Shoring

Explanation: I hope this helped. I just used the process of elimination :)

what is 561 movement type in sap?

Answers

In SAP, movement type 561 refers to the movement of stock into unrestricted-use stock from quality inspection or blocked stock.

The 561 movement type in SAP is used for initial entry of stock balances. This movement type is used to post goods receipts for initial stock entries, meaning it is used to create a material document for the initial entry of stock balances into the SAP system.

This is typically done when a company first implements SAP and needs to enter their existing stock balances into the system. The 561 movement type allows for the entry of stock balances without a reference to a purchase order or other document.

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Final answer:

Movement Type 561 in SAP is used for stock transfers within the same plant from a temporary storage location to a permanent storage location.

Explanation:

Movement Type 561 in SAP refers to a stock transfer between two storage types within the same plant. It is used when transferring materials from a temporary storage location to a permanent storage location. The movement is recorded in the system to maintain accurate inventory records and traceability.

For example, if a company has a temporary storage location for incoming materials and wants to move them to a permanent storage location, they would use movement type 561 to update the inventory records and reflect the change in location.

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the annuity present value factor equals one the present value factor all divided by the discount rate.

Answers

The present value factor for an annuity is equal to one less than the present value factor after dividing it by the discount rate.

What is the operation of the present value annuity component?

The present value interest factor of the annuity is used to calculate the present values of a series of future annuities. The time value of money principle, which states that a sum of money gained now is worth more than a similar number received at a later time, serves as its foundation.

The present value is discounted by how much?

The discount rate is the rate of investment return that is used to determine present value. The rate of return that would be sacrificed if an investor chose to accept a future payout rather than a current one is known as the discount rate, or put another way, it is the rate of return.

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What is an example of card stacking propaganda?

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Card-stacking propaganda is any method of persuasion that aims to sway public opinion through intentional falsehoods, such as the information that is suppressed.

Card-Stacking is the practise of emphasising a product's favourable attributes while downplaying its flaws. For instance, a brand of snack food may advertise that it is low in fat, which implies that it is also low in calories, even when it is high in sugar (and calories).

Card stacking is a form of propaganda that emphasises one viewpoint while stifling the other. For instance, people on the opposing side are censored while only those with the same beliefs and experiences are shared publicly.

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The law of supply states that other things being equal, the quantity supplied of a good increases as its price increases, and the quantity supplied of a good decreases as its price decreases.

Answers

The answer is true, The law of supply states that other things being equal, the quantity supplied of a good increases as its price increases, and the quantity supplied of a good decreases as its price decreases is true.

What Exactly Is Supply?

A fundamental idea in economics is supply, which refers to the entire amount of a particular commodity or service that is offered to customers. Depending on how it is shown on a graph, supply may refer to the quantity offered at a certain price or the quantity offered throughout a range of prices.

Is selling equivalent to supply?

The quantity of goods and services that vendors are prepared to sell are referred to as supply. Standard practice dictates that supply rises as prices rise; a supply curve can be used to visually depict this trend.

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What is an example of external recruitment?

Answers

An example of external recruitment is: Job postings, Campus recruitment, Employee referrals, Headhunting and Poaching.

Job postings: The company may advertise job openings on their website, job search engines, or other online job boards. Interested candidates can submit their resumes and applications to the company's HR department.

Campus recruitment: Companies may visit college campuses to recruit recent graduates for entry-level positions. They can also participate in career fairs or job expos where they can interact with potential candidates and collect resumes.

Employee referrals: The company may encourage its current employees to refer qualified candidates for open positions. This can be incentivized by offering bonuses or other rewards to employees whose referrals are successfully hired.

Headhunting: In this method, a company may hire a recruitment agency or headhunter to find suitable candidates for specific positions. The agency may use various methods, such as searching social media and professional networks, to identify potential candidates.

Poaching: This method involves actively seeking out and recruiting employees from competitor companies. The company may target individuals with specific skills or experience, and offer them better compensation or other incentives to leave their current job and join the new company.

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What need most pertains to the performance of a product or service?

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Functional need most pertains to the performance of a product or service.

Functional requirements are the most palpable and egregious of the three main types of customer needs. Guests generally estimate implicit results grounded on whether they’ll help them achieve a particular task or function. The product or service that stylishly addresses their functional need is likely to be the bone they buy or hire.

Functional requirements can be broad or extremely specific, depending on the client’s buying criteria.

For illustration, a client who’s planting a garden for the first time might say,“ I want a garden hose. ” Meanwhile, an educated gardener might conform to their criteria by saying, “ I need a hose that’s long enough to reach my vegetable garden from my vicinity gate. ” Another client who’s dealt with the frustration of using a low-quality product might confirm their need else by saying, “ I need a high-quality garden hose that won’t tear or kink from regular use. ” With this kind of sapience into guests ’ functional requirements, a company that manufactures garden hoses might develop new products, similar to hoses that come in a range of lengths and don’t kink.

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If the unemployment rate is 5.8% and the number of unemployed persons is 15 million, the labor force is approximately:

Answers

The unemployment rate is the percentage of the labor force that is currently unemployed, where the labor force is defined as the sum of the employed and unemployed persons.

If the unemployment rate is 5.8% and the number of unemployed persons is 15 million, we can use this information to estimate the size of the labor force as follows: Let U be the number of unemployed persons, which we know is 15 million. Let L be the size of the labor force. The unemployment rate is the ratio of the number of unemployed persons to the size of the labor force: Unemployment rate = (U / L) x 100  We know that the unemployment rate is 5.8%, so we can plug in the values:  5.8% = (15 million / L) x 100  Solving for L, we get:  L = 15 million / (5.8 / 100) = 25862069 Therefore, the size of the labor force is approximately 25.9 million people. This calculation assumes that everyone who is not employed is actively seeking employment and available to work, which may not always be the case in reality.

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You recently purchased a car for $25,000. You were able to put $10,000 down upfront and finance the rest at a 0% interest rate. How much equity do your currently have on the vehicle?
a) $15,000
b) 0
c) $25,000
d) $10,000

Answers

For a car purchased for $25,000 and paid $10,000 upfront, the equity is $15,000. So, option A is correct answer.

Equity in a car is the difference between the market value of the car and the amount still owed on it. In this problem, the car was purchased for $25,000, and $10,000 was paid upfront. Therefore, the amount still owed on the car is $25,000 - $10,000 = $15,000.

Since the financing is at a 0% interest rate, there is no additional amount owed beyond the initial $15,000. Therefore, the current equity on the vehicle is equal to the amount still owed, which is $15,000.

This means that if the car were sold for its market value, the seller would receive $15,000 after paying off the remaining debt on the car. So the answer to the question is (a) $15,000.

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What is the meaning of "heavily conditioned"? Because prices change over time, costs reported for these accounts tend to differ among inventory cost methods.a. Cost of Goods Soldb. Inventory The answers to this question is either C or V Identify and describe each step of the scientific method. Step one: Step two: Step three: Step four: Step five: Step six: Classify each of the following quality-related costs as prevention costs, appraisal costs, internal failure costs, or external failure costs.1.Warranty repairs2.Legal fees from customer lawsuits3.Training employees4.Cost incurred producing and disposing of defective units5.Lost productivity due to machine breakdown6.Inspecting products that are halfway through the production process7.Inspecting incoming raw materials8.Repairing defective units found during inspection9.Incremental cost of using a higher grade raw material10.Redesigning the production process Political campaign rhetoric is protected speech under the First Amendment. Which of the following is a good definition of political campaign rhetoric?A. Style of speaking or writing that is intended to sell people that may embellish and may not be honest.B. Style of speaking or writing that is intended to sell people without embellishment and be honest.C. Method of citing case studies without embellishment.D. The story of a campaign that is based on honest statements.E. None of these answers are correct. find a vector equation of the tangent line to the parametrized curve r(t) = 9t, t , t2 when t = 1. (your instructors prefer angle bracket notation < > for vectors.) pls help fast..Special Triangle Segments.. 1.Find the value of the variable given the triangles are similar. Answer the additional questions. Show all work. Name the property you used in your problem. If the angles of a triangle are in the ration of 3 : 4 : 5, find them. a relationship formed by a number of independent business owners who join together to buy merchandise to get the discount prices available to chain stores is called? Concentrating on more than one activity at a time is called:________ Based on context clues, what is the meaning of the word console as it is used in paragraph 4? Write your best definition of console here, explaining how you figured it out. Place the following structures in the order they would be encountered by a red blood cell leaving the left ventricle. Drag and drop to order 1. = A Right atrium 2. = B Aorta 3. = C Left atrium 4. = D Pulmonary artery 5. = E Vena cava 6. = F Right ventricle 7. = G Pulmonary vein 8. = H Systemic capillary please help this is due bye 6:005+ 6f9+8f8f What is the ICD-10 code for right suppurative otitis media? The Filter Backwash Rule requires that recycled filter backwash water be returned downstream of all treatment processes.TrueFalse 5. The table shows the number of pounds, x, of coffee ordered and the total price, y, in dollars, of each order. X 5 6 7 10 y $35 $42 $49 $70 Which best represents the units for the rate of change (rise over run) in the table? a.dollars. b.dollars per pound. c.pounds b.pounds per dollar What is PTX in medical terms? in the statement what does kennedy equate with the success of liberty a free society cannot help the many who are poor it cannot save the few who are rich What is reductionism in simple terms?