______________ Is the Relative Location of a Person or Group

question 143

Multiple Choice

______________ is the relative location of a person or group within the larger society,based on wealth,power,prestige,or other valued resources.

• A)Caste
• B)Class
• C)Economic position
• D)Social location

---

Definitions:

Consumer Surplus

The consumer surplus is the gap between what consumers are ready and capable of paying for a good or service and what they actually spend on it.

Marginal Utility

The augmented satisfaction or value someone derives from the consumption of an extra unit of a good or service.

Consumer Surplus

Consumer surplus represents the discrepancy between the total price consumers are prepared and able to spend on a product or service and the actual amount they end up paying.

Marginal Utility

The additional satisfaction or utility a consumer receives from consuming one more unit of a good or service.