Which Statement Is True About Social Mobility

question 28

Multiple Choice

Which statement is true about social mobility?

• A) Downward mobility is as likely as upward mobility.
• B) Close to 45 percent of all persons will move upward at least one social class level during their lifetime.
• C) More children will find themselves at the same level as their parents than at any other level.
• D) All of the above have research support and are true.

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for competitive pricing and product differentiation.

Economic Inefficiency

A situation in which resources are not used in the most productive way, leading to losses or waste and the potential for improved outcomes.

Equilibrium

A state of balance in a market system where supply equals demand, and there is no tendency for change.

Economic Profits

The difference between total revenues and total costs, including both explicit and implicit costs, reflecting the excess return over the firm's opportunity costs.