An Ascribed Status Is a Social Position

question 75

Multiple Choice

An ascribed status is a social position

• A)attained by a person largely through his or her own effort.
• B)assigned to a person without regard to the person's unique characteristics or talents.
• C)based solely on income and wealth.
• D)based solely on lifestyle.

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Definitions:

Price Taker

A market participant that accepts prevailing prices as given, having no influence to alter the price of a good or service.

Marginal Revenue

The additional income from selling one more unit of a good; generally equal to the price of the good for perfectly competitive firms.

Differentiated Good

A Differentiated Good is a product or service that is distinct in some way from its competitors, whether through quality, features, branding, or customer service, allowing it to stand out in the marketplace.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, leading to some degree of market power while still taking the market price as given.