The ________ Marriage Rate Is Based on the Number of Persons

question 42

Short Answer

The ________ marriage rate is based on the number of persons in the population who are eligible to get married in a given year and corrects for the fact that two people are involved in every marriage.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price.

Normal Good

A good for which demand increases as consumer income rises, holding all other factors constant.

Consumer Tastes

Preferences and inclinations of consumers that influence their purchasing behavior and choice of products.