The Answer to the Question, "What Do You Do for a Living

question 12

Multiple Choice

The answer to the question, "what do you do for a living?"

• A) is inherently discriminatory.
• B) is a greeting not a question.
• C) is actually an invasion of a person's privacy.
• D) is usually meaningless.
• E) provides a short hand summary of a person's claim to be someone with standing in the community.

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Definitions:

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.

Persistent Shortages

An economic condition where the demand for a good or service consistently exceeds its supply, often due to factors like price controls, causing prolonged scarcity.

Normal Goods

Goods for which demand increases as the income of consumers increases.