Table 20-6 -Refer to Table 20-6. in Both 2011 and 2012, Approximately

question 360

Multiple Choice

Table 20-6
-Refer to Table 20-6. In both 2011 and 2012, approximately 25% of the population earned less than

• A)$15,000.
• B)$25,000.
• C)$50,000.
• D)$100,000.

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Definitions:

Downward-sloping Demand

Refers to the economic principle that, all else being equal, as the price of a good or service decreases, the quantity demanded increases.

Inelastic Demand

A condition in market dynamics where the demand for a product does not significantly change with a change in the product's price.

Competitive Price-searcher

An economic term for a seller that sets its product prices based on what competitors are charging, within a competitive market environment.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.