The Garrets Are a Lower-Class Family and Have Four Children

question 31

Multiple Choice

The Garrets are a lower-class family and have four children.The Devlins are middle-class family that has only two children.The fact that the Garrets have more children is an example of:

• A) differential fertility.
• B) strata ascription.
• C) status achievement.
• D) distinguishing effects.

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Definitions:

Firm's ATC

The total average cost for a firm, including both fixed and variable costs, per unit of output.

Total Profit

The overall financial gain made in a business transaction or operation, calculated as the revenue minus the costs of achieving that revenue.

Total Loss

A situation in insurance or business where the cost of repair or recovery exceeds the value of the asset or investment.

Long Run

A period in economics during which all factors of production and costs are variable, and firms can adjust all inputs.