Which Market Sector Has an Expanding Westernized Middle Class

question 71

Multiple Choice

Which market sector has an expanding Westernized middle class?

• A) the traditional sector
• B) the modern sector
• C) the rural services sector
• D) the transitional sector
• E) the agricultural sector

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Definitions:

Marginal Utility

This term refers to the additional satisfaction or utility gained by consuming one more unit of a good or service.

Rational Consumer

An economic theory assumption that consumers make purchasing decisions based on their rational outlook, available information, and self-interest to maximize utility.

Income Effect

A change in the quantity demanded of a product that results from the change in real income (purchasing power) caused by a change in the product’s price.

Normal Good

A good or service whose consumption increases when income increases and falls when income decreases, price remaining constant.