The USDistribution of Income Was More Unequal in 1990 and 1980

question 152

True/False

The U.S.distribution of income was more unequal in 1990 and 1980 than in 1970.

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Definitions:

Price Inelastic

A situation where the quantity demanded or supplied of a good is not significantly affected by changes in price.

Macadamia Nut

A type of tree nut that is known for its rich, buttery flavor, native to Australia and commercially cultivated in various regions worldwide.

Inelastic Demand

A situation where the quantity demanded of a good or service changes little when its price changes.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, resulting in high cross-elasticity of demand.