According to the Pew Charitable Trust Methodology for Identifying the Middle

question 64

Multiple Choice

According to the Pew Charitable Trust methodology for identifying the middle class, for the period from 1971 to 2015, the middle class has

• A)increased from 71% to 80% of the population.
• B)increased from 50% to 80% of the population.
• C)decreased from 80% to 71% of the population.
• D)decreased from 80% to 50% of the population.

---

Definitions:

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in the quantity of output sold.

Average Revenue Curve

Represents the relationship between the price of a product and the quantity sold, showing how revenue changes with varying levels of output.

Absorption Cost Pricing

A pricing method that includes all manufacturing costs (fixed and variable) in the cost of a product, plus a markup for profit.

Mark-Up Percentage

The percentage added to the cost of goods to cover overhead and profit, determining the selling price of a product.