Describe the Differences Between Ascribed Status and Achieved Status

question 54

Essay

Describe the differences between ascribed status and achieved status.Give examples to support your answer.

---

Definitions:

Pure Monopolist

A market structure in which a single company or entity exclusively controls the entire supply of a particular good or service, without any close substitutes.

Pure Competitor

A firm in a market where there are many sellers and buyers of a standardized product and no single entity can influence the market price.

Herfindahl Index

An economic measure used to calculate the concentration of market power within industries, considering the sizes of all firms in the market.

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical, allowing for competition based on price, quality, and brand.