A Naturally Occurring Retirement Community (NORC) Refers to

question 9

Multiple Choice

A naturally occurring retirement community (NORC) refers to

• A) buildings or neighborhoods where the residents have aged over the years.
• B) mobile home retirement areas placed near natural areas, such as national parks.
• C) nursing homes comprised of mostly elderly people.
• D) resort areas composed mostly of retired residents.

---

Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive, reflecting producers' benefit.

Costume Jewelry

Fashionable jewelry made from non-precious materials, intended for temporary use with specific outfits rather than as long-term investments.

Marginal Cost

Marginal cost refers to the added expense incurred from producing one more unit of a product or service.

Marginal Benefit

The increase in satisfaction or utility experienced from the consumption or production of one additional unit of a good or service.