Suppose the Data Show That Each Year Between 1964 and 2019

question 9

Multiple Choice

Suppose the data show that each year between 1964 and 2019, 10 percent of all income earners (in the United States) earned a low enough income to be considered poor. It follows that

• A)the person who was part of the 10 percent poor in 1964 was also part of the 10 percent poor in 2019.
• B)the person who was part of the 10 percent poor in 1964 may or may not be part of the 10 percent poor in 2019.
• C)there is no upward income mobility in the United States.
• D)the income distribution in the United States (during this period of time) was unequal.
• E)b and d

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Definitions:

Industry Entry

The process of a new competitor or company beginning operations in a specific market or industry.

MR

Marginal Revenue, the additional income that is gained from selling one more unit of a product or service.

Profit-Maximizing

A strategy or approach aimed at achieving the highest possible profit from business operations.

Positive Profits

A financial gain that occurs when the revenues generated from business activities exceed the costs and expenses involved in operating the business.