All of the Following Are Features of the Middle-Class Lifestyle

question 54

Multiple Choice

All of the following are features of the middle-class lifestyle except

• A)the work ethic.
• B)Victorian morality.
• C)respect for diversity.
• D)consumerism.
• E)opposition to women working outside the home.

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Definitions:

Demand

The willingness and ability of consumers to purchase goods or services at a given price level.

Supply

The complete quantity of a product or service that can be bought at a particular price point.

Price Floor

A legally established minimum price for a good, or service. Normally set at a price above the equilibrium price.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a high level of competition.