Jack and Jill Are Getting Married and Must Decide Where

question 15

Multiple Choice

Jack and Jill are getting married and must decide where to live.Because of working conditions and scarce resources,it is impossible for them to establish their own independent household.They move in with Jack's mother and father.Which type of residence is this an example of?

• A) patrilocal
• B) matrilocal
• C) ambilocal
• D) neolocal

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Definitions:

Long-run Equilibrium

occurs when all firms in a market or industry are producing at their most efficient level, with no incentive for entry or exit, and economic forces are balanced.

Total Revenue

The total amount of money a firm receives from selling its goods or services, calculated as the unit price multiplied by the quantity sold.

Increasing-cost Industry

An industry in which the cost of production increases as the industry's output expands, often due to resource limitations or rising input prices.

Resource Prices

Resource prices are the costs associated with the inputs used in the production process, such as raw materials, labor, and capital.