A Person's Marital Status Is Important to Which Demographic Variable

question 51

Multiple Choice

A person's marital status is important to which demographic variable?

• A) gender
• B) race
• C) family structure
• D) age

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Definitions:

Consumer Surplus

The variance between the sum consumers are willing to pay for a good or service and the amount they truly pay.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they assign to it.

Consumer Surplus

The gap between the sum consumers are ready and able to spend on a good or service and what they really pay for it.

Normal Goods

Goods for which demand increases as consumer income rises.