Bruce Is a Part-Time Janitor

question 23

Multiple Choice

Bruce is a part-time janitor.Maria washes dishes in a restaurant.They have a combined income of $30,000.They are barely able to make ends meet because they have three small children.Which of the following categories do they belong to?

• A)Underclass consumers
• B)Upper-class consumers
• C)Working-class consumers
• D)Middle-class consumers
• E)Upper-middle-class consumers

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Definitions:

Socially Efficient

A market condition where resources are allocated in a way that maximizes the overall benefit to society.

Monopolist's Supply

The quantity of goods or services a monopolist chooses to produce and sell, influenced by its market power to set prices.

Horizontal

In economics, horizontal can refer to a market situation where there are many competitors in the industry, but they all offer a similar product or service.

Profit-Maximizing

A strategy where businesses seek to achieve the highest possible profit from their operations, typically by adjusting output, pricing, and other variables.