Power is_________________?
Correct answer: D. all of the above
- A. the most important feature of stratification
- B. restricted to a small elite in traditional societies
- C. widely distributed and diffused in industrial societies
- D. all of the above
Explanation
Power is a major basis of social stratification, tends to be concentrated among elites in traditional societies, and is more widely diffused in industrial societies. Therefore, all three statements are treated as correct.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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