One of the Reasons Cited by the U

question 68

Multiple Choice

One of the reasons cited by the U.S.Department of Commerce for the trend toward smaller households is:

• A)young people's tendency to marry early.
• B)the increase in the number of same-sex couples.
• C)the low cost of living.
• D)the frequency of divorce.

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Definitions:

Profit Maximization

A rephrased definition: The strategy or aim of a firm to achieve the highest profit possible, usually by adjusting outputs, prices, or production costs.

Market Price

The current price at which an asset or service can be bought or sold in the open market.

Long Run

A period in economics where all inputs or factors of production can be varied, with no fixed factors, allowing for full adjustment to changes.

Economic Profit

The divergence between overall financial returns and comprehensive expenses, integrating both apparent and implied costs.