Social ranking is based on________________?
Correct answer: D. all of the above
- A. age
- B. sex
- C. wealth
- D. all of the above
Explanation
Social ranking can be influenced by age, sex, and wealth, depending on the society and its norms. Thus all the listed factors can contribute to social ranking.
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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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