Statistically Speaking, Which of the Following People Is Likely to Be

question 114

Multiple Choice

Statistically speaking, which of the following people is likely to be oldest when he or she becomes a grandparent?

• A) Ralph, who is an African American man
• B) Tim, who is a White man
• C) Roberta, who is an African American woman
• D) Lynette, who is a White woman

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Definitions:

Diminishing Marginal Utility

A principle stating that as a person consumes more units of a particular good or service, the satisfaction (utility) gained from consuming each additional unit decreases.

Income Effect

Variations in income for either a person or the economy as a whole, and how these variations influence the demand for specific goods or services.

Substitution Effect

A shift in consumer preferences resulting from alterations in the comparative costs of different products, causing buyers to switch from one product to another.

Demand Curves

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