The Social Class System in the U.S

question 50

Multiple Choice

The social class system in the U.S.

• A) does not affect how people spend, but does affect how they save.
• B) may put people with the same income level in different social classes.
• C) is based on a person's educational level.
• D) is much more rigid than in Europe and Asia.
• E) does not affect people's attitudes.

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Definitions:

Short-Run Equilibrium

A state in which market supply equals demand, determining the price and quantity sold, specifically within a short timeframe.

Profit-Maximizing

This refers to the process businesses use to determine the output level at which profits are at their highest.

Marginal Revenue Curve

A graph that displays how additional revenue is affected by the sale of one more unit of a product or service.

Downsloping

describes a trend or curve that goes downward, often used in economics to describe demand curves where price decreases lead to an increase in quantity demanded.