Your Position in Key Social Hierarchies Is Likely to Have

question 51

Multiple Choice

Your position in key social hierarchies is likely to have the least impact on __________.

• A)how well you do in school
• B)whether or not you attend university
• C)your eventual occupation
• D)your food preferences

---

Definitions:

Marginal Utility

The additional satisfaction or benefit gained from consuming one more unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained benefit.

Market Price

The current price at which a commodity, security, or service can be bought or sold in a particular market.

Willingness to Pay

The maximum amount an individual is prepared to spend for a particular good or service.