"A Grouping of People Based on Some Shared Characteristic Such

question 41

Multiple Choice

"A grouping of people based on some shared characteristic such as national origin, language, or culture" refers to

• A)diversity.
• B)minority.
• C)ethnicity.
• D)disability.

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Definitions:

Marginal Revenue

The additional revenue that a company earns from selling one more unit of a good or service.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase.

Equilibrium Price

The price point in the market where the amount of goods being offered is equal to the amount being sought by consumers.

Monopoly Supply Curve

A theoretical concept indicating that a monopoly does not have a traditional supply curve because its output decision depends on the demand it faces and its cost structure.