By 2020, More Than 55% of the U

question 47

True/False

By 2020, more than 55% of the U.S. population is expected to complete some college study.​

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Definitions:

Substitution

The economic principle that as the price of a good or service increases, consumers are likely to replace it with a cheaper alternative.

Consumer

An individual or group that purchases goods and services for personal use.

Indifference Curves

A graphical representation showing combinations of two goods that give a consumer equal satisfaction and utility, reflecting preferences.

Perfect Substitutes

Goods or services that can be used in exactly the same way, such that the consumer is indifferent between one and another.