A Family Has a Net Worth of $156,000 and Liabilities

question 77

Multiple Choice

A family has a net worth of $156,000 and liabilities of $167,000,what is the amount of their assets?

• A)$11,000
• B)$156,000
• C)$167,000
• D)$323,000
• E)$452,000

---

Definitions:

Perfect Competition

A market structure characterized by a complete absence of rivalry among the individual firms. In this market, all firms sell an identical product, there are no barriers to entry or exit, and no single firm can influence the market price.

Standardized Product

A product that is uniform in quality and specifications across all production units, making it interchangeable with similar products.

Perfectly Competitive

A perfectly competitive market is characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information.

Price Maker

A market participant with the power to influence the price of a good or service by controlling its supply, its demand, or both.