All of the Following Are Characteristics of the African American

question 53

Multiple Choice

All of the following are characteristics of the African American population EXCEPT

• A) they have poorer quality housing.
• B) they have higher unemployment rates than whites.
• C) they have health care problems.
• D) most older African American women were never married.

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Definitions:

Consumer Surplus

The benefit obtained by consumers because they are able to purchase a product for a price that is less than the maximum price that they are willing to pay.

Equilibrium Price

The rate at which the amount of products offered matches the amount of products consumers want.

Unregulated Market

A market where the government does not impose price controls, quotas, or other restrictions on the forces of supply and demand.

Deadweight Loss

The diminished economic effectiveness arising from a failure to achieve or the inability to achieve equilibrium for a product or service.