Using the Data in the Above Table,what Percentage Should Be

question 109

Multiple Choice

Using the data in the above table,what percentage should be reported in blank A of column 2?

• A) 5
• B) 6
• C) 12
• D) 17 The blank in column 2 is found by subtracting the percentage in column 3 for the entry $25,000 - $34,999 from the previous percentage.Thus,A is 35 - 23 = 12.

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Definitions:

Equilibrium

A balance between market demand and supply that results in steady prices.

Budget Line

A budget line represents all combinations of goods and services that a consumer may purchase given current prices and income levels.

Marginal Rate of Substitution

How quickly a person agrees to trade one product for a different one to preserve their overall happiness.

Satisfaction Maximized

The point at which an individual achieves the highest level of satisfaction or utility from the consumption of goods or services.