Movement Up or Down the Social Class Ladder Is Called:​

question 26

Multiple Choice

Movement up or down the social class ladder is called:​

• A) ​structural locomotion.
• B) ​social mobility.
• C) ​class mobility.
• D) ​extensive social networking.

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Definitions:

Consumer Surplus

The gap between what consumers are ready and able to shell out for a good or service and what they indeed spend on it.

Equilibrium Point

An equilibrium in the market where demand meets supply, causing price levels to remain unchanged.

S And D Curves

Graphical representations of the relationship between quantities supplied and demanded at various prices.

Total Revenue

The total income a firm receives from the sale of its goods or services, calculated by multiplying the price by the quantity sold.