The Tendency of People to Be in the Same Social

question 52

Multiple Choice

The tendency of people to be in the same social class throughout their lives is called

• A) social mobility.
• B) consistency.
• C) class persistence.
• D) class consciousness.

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Definitions:

Deadweight Loss

The decline in economic productivity due to the failure to achieve or the impossibility of achieving equilibrium for a specific good or service.

Profit per Unit

The financial gain obtained on each unit sold, calculated by subtracting the cost per unit from the selling price per unit.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at various prices.

Marginal Cost Curve

A graphical representation that shows the change in the total cost of producing one more unit of a good.