By 2031 and Shortly Thereafter, Visible Minorities Will Represent the Majority

question 192

Multiple Choice

By 2031 and shortly thereafter, visible minorities will represent the majority of the population of ________ and __________.

• A)Vancouver; Toronto
• B)Calgary; Winnipeg
• C)Ottawa; Halifax
• D)Toronto; St. Catharines

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Definitions:

Profit

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain those activities.

Kinked-demand Curve

A demand curve that has a distinct bend or kink at a certain price level, often used to describe oligopolistic markets where firms face a different elasticity of demand for price increases versus price decreases.

Relatively Elastic

Describes a situation where the quantity demanded or supplied of a good or service changes significantly due to a small change in price.

Relatively Inelastic

This term describes a situation where the demand for a good or service changes by a smaller percentage than the changes in price, indicating that consumers are less sensitive to price changes.