The Principle of "Change Within Continuity" Suggests That

question 56

Multiple Choice

The principle of "change within continuity" suggests that:

• A) single parent families are becoming the dominant U. S. family.
• B) high divorce rates have contributed to the decline of extended families.
• C) the traditional one wage earner family has become the most prevalent family.
• D) family change hasn't diminished the importance and desirability of family life.

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Definitions:

Long-Run Equilibrium

Long-run equilibrium occurs when all factors of production within a market are fully adjusted to the economic conditions, leading to a steady state where there is no tendency for change.

Consumer Surpluses

The difference between the total amount that consumers are willing to pay and the total amount that they actually pay for a good or service.

Producer Surpluses

The difference between the actual amount received by sellers and the minimum amount they would be willing to accept for their goods or services.

Allocative Efficiency

A state of the economy in which resources are apportioned in a way that maximizes the overall benefit to society.