Which of the Following an Incorrect Statement About the Net

question 22

Multiple Choice

Which of the following an incorrect statement about the net personal wealth of different segments of the U.S. population?

• A) The bottom 50 percent of Americans had almost no net personal wealth between 1980 and 2014.
• B) The middle 40 percent of Americans never had more than 40 percent of U.S. net personal wealth between 1980 and 2014.
• C) The top 10 percent of Americans always held more than 60 percent of U.S. net personal wealth between 1980 and 2014.
• D) The top 1 percent of Americans never held less than 40 percent of U.S. net personal wealth between 1980 and 2014.

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Definitions:

Long Run

In economics, the long run refers to a period in which all factors of production and costs are variable, allowing for adjustment to changes in market conditions.

Marginal Revenue

The extra revenue obtained by selling an additional unit of a product or service.

Marginal Cost

The increase in cost resulting from the manufacture of one extra product or service unit.

Average Total Cost

The total cost of production divided by the quantity produced, including both fixed and variable costs.