Members of the Working Class Are More Likely Than the Middle

question 33

Multiple Choice

Members of the working class are more likely than the middle class or upper class to

• A) buy a foreign-made automobile.
• B) travel internationally.
• C) attend adult education classes.
• D) support a local sports team.
• E) drink wine.

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Definitions:

Marginal Utility

The extra pleasure or benefit a consumer receives from using an additional unit of a product or service.

Maximizing Utility

The process by which individuals or consumers adjust their consumption of goods and services to achieve the highest level of satisfaction or utility.

Consumer Surplus

The difference between the maximum amount a person is willing to pay for a good and its current market price.

Law of Diminishing Marginal Utility

An economic principle stating that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.