Members of Which of the Following Generational Groups Grew Up

question 67

Multiple Choice

Members of which of the following generational groups grew up with DVDs,TiVo,satellite radio,iPods,smart phones,Facebook,and Twitter?

• A)Traditionalists
• B)Boomers
• C)Gen Xers
• D)Gen Yers
• E)Millennials

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Definitions:

Long-Run Adjustment

The process of economic agents fully adapting to changes in conditions or policies over time, reaching a new equilibrium.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional amount earned beyond the next best alternative.

Economies of Scale

Cost advantages that a business can achieve by increasing the scale of production, leading to a lower cost per unit of output.

Economic Profit

The difference between a firm’s total revenue and its total costs, including both explicit and implicit costs.