The Richest 20% of Americans Own More Than 75% of All

question 2

True/False

The richest 20% of Americans own more than 75% of all of the country s wealth.

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Definitions:

Monopolist

A market participant that is the sole seller of a product or service, having significant control over its price.

Demand Curve

illustrates the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Marginal Cost

The expense incurred in creating an extra single unit of a product or service.

Price Elasticity

A metric that determines how the demand for a certain good fluctuates with its price adjustments.