Which of the Following Groups of Terms Are in the Order

question 338

Multiple Choice

Which of the following groups of terms are in the order of decreasing intension?

• A) Wineglass, glass, drinking vessel, vessel.
• B) Vessel, drinking vessel, glass, wineglass.
• C) Drinking vessel, wineglass, glass, vessel.
• D) Glass, wineglass, vessel, drinking vessel.
• E) Drinking vessel, wineglass, vessel, glass.

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Definitions:

Deadweight Loss

A situation where inefficiency in the market leads to a loss of total social welfare, typified by a gap between the supply and demand curves.

Relatively Elastic

Describes a situation where the demand or supply for a good or service significantly changes in response to changes in price.

Elastic Supply

A situation in which the supply of a good or service changes significantly in response to changes in price.

Labor Supply

Refers to the total hours that workers are willing and able to work at a given wage rate, in a given period.