What Is the Upward or Downward Movement in Social Class

question 65

Multiple Choice

What is the upward or downward movement in social class by family members from one generation to the next?

• A) intergenerational mobility
• B) intragenerational mobility
• C) structural mobility
• D) exchange mobility

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Definitions:

Market Wage

Market wage is the prevailing rate of pay for a specific job in the labor market, determined by the supply and demand for labor specific to that job.

Labor Curve

A graphical representation of the relationship between the quantity of labor demanded by employers and the wage rate.

VMPL

The Value of Marginal Product of Labor, which represents the additional revenue generated by employing one more unit of labor.

Profit

The financial gain realized when the amount of revenue gained exceeds the expenses, costs, and taxes needed to sustain the operation.