Societies in Which the Oldest Men Rule,earn the Highest Incomes,and

question 23

True/False

Societies in which the oldest men rule,earn the highest incomes,and enjoy the most prestige are called gerontocracies.

---

Definitions:

Substitutes

Products or services that can be used in place of each other, satisfying the same needs or wants of the consumer.

Monopolist

A single seller in a market who has significant control over the entire supply of a good or service, and thus can influence price.

Marginal Revenue

The additional income generated from selling one more unit of a product or service.

Equilibrium

When aggregate demand equals aggregate supply.