__________ Are the Members of a Social Group in a Stratified

question 56

Multiple Choice

__________ are the members of a social group in a stratified society who have privileges denied to the majority of the population.

• A) Royalty
• B) Nobility
• C) Elites
• D) Leisure classes

---

Definitions:

Monopolist

An entity or individual that holds a monopoly, having exclusive control over the supply of a particular good or service in the market.

Marginal Cost

The uplift in collective cost emerging from the making of an additional unit of a good or service.

Producer Surplus

Producer surplus is the difference between what producers are willing to accept for a good or service versus what they actually receive, reflecting their economic benefit.

Monopolist

A single seller in a market with no close substitutes for the product or service they offer, leading to significant control over prices and output.