Social Class Has Rankings Determined by Occupation, Income, Education, Family

question 105

True/False

Social class has rankings determined by occupation, income, education, family background, and location of residence.

---

Definitions:

Producer Surplus

The difference between the actual amount producers receive for a good and the minimum amount they would be willing to accept.

Firm

A business enterprise or establishment engaged in commercial, industrial, or professional activities.

Normal Good

A type of good for which demand increases when consumer income rises, and falls when consumer income decreases.

Demand Shift

A change in the quantity demanded at every price point, often caused by factors like consumer preferences, income, and price of related goods.