Society's Hierarchical Ranking of People into Social Classes Is Called

question 28

Multiple Choice

Society's hierarchical ranking of people into social classes is called

• A)social inequality.
• B)social grouping.
• C)social meritocracy.
• D)social stratification.

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Definitions:

Demand Decrease

A situation where the quantity of a product or service desired by buyers decreases, usually due to changes in consumer preferences, incomes, or prices of related goods.

Demand Equation

A mathematical representation expressing the relationship between the quantity of a good demanded and its price, along with other factors affecting demand.

Supply Equation

A mathematical expression that represents the relationship between the quantity of a good that producers are willing to sell and factors that affect this quantity like the price of the good.

Shortage/Surplus

A market condition where the quantity demanded is greater/smaller than the quantity supplied, leading to a scarcity/excess of goods.