Danielle Is a First-Born Child Whereas Samantha Is a Later-Born

question 37

Multiple Choice

Danielle is a first-born child whereas Samantha is a later-born child. Which of the following is TRUE?

• A) Danielle is more likely to go to college.
• B) Danielle is likely to be more innovative.
• C) Samantha is likely to be more willing to conform to parents' and adults' requests.
• D) Samantha is likely to be less popular.

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Definitions:

Total Surplus

The total net gain for society derived from the creation and utilization of goods or services, calculated as the combined value of consumer and producer surplus.

Net Welfare Gain

The improvement in societal well-being, measured as the sum of consumer and producer surplus, arising from economic transactions or policy changes.

Perfect Competition

A market structure characterized by a large number of small firms, identical products, and easy entry and exit, which leads to firms being price takers.

Public Ownership

The case in which goods are supplied by the government or by a firm owned by the government to protect the interests of the consumer in response to natural monopoly.