Use the Following to Answer Question(s): Income Distribution in the United

question 23

Multiple Choice

Use the following to answer question(s) : Income Distribution in the United States

-Studies of family income over time reveal that:

• A) most people in the lowest quintile tend to stay there over their lifetimes.
• B) income mobility is rare for all quintiles of the income distribution.
• C) many people who move down the income ladder tend to be young.
• D) many people who start out at the bottom of the income ladder when they are young move up the income ladder as they age.

Distinguish between short-run and long-run equilibria in monopolistically competitive markets.

Assess how the presence of economic profits influences the market structure dynamics.

Identify the demand and marginal revenue curve characteristics for monopolistically competitive firms.

Understand the implications of monopolistic competition on resource efficiency and market outcomes.

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