Sam Came from a Working-Class Family,but Through Scholarships and Part

question 37

Multiple Choice

Sam came from a working-class family,but through scholarships and part time jobs,he was able to earn an MBA degree and eventually get a job as a corporate executive.This is an example of

• A) status float.
• B) status crystallization.
• C) the trickle-down effect.
• D) class fragmentation.
• E) upward mobility.

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Definitions:

Shortage

A shortage occurs when the demand for a product exceeds its supply at a particular price, leading to a scarcity of the product.

Price Floor

A government-imposed limit below which prices cannot fall, often used in agricultural markets.

Equilibrium Price

The price at which the quantity of goods demanded equals the quantity of goods supplied, leading to market stability.

Ineffective

Not producing the intended or desired effect.