The median household income is
A) the income that separates households into two equal groups.
B) the most common household income.
C) the mean household income.
D) the average household income.
A
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A firm in a perfectly competitive market
a. can raise the price to sell more but by selling more will end up earning less economic profit than it had earned before the price increase b. can cut the price to sell more but by selling more will end up earning less economic profit than it had earned before the price cut c. can increase its supply to lower the price and thereby raise its economic profit d. can decrease its supply to raise the price and thereby raise its economic profit e. is a price taker, that is, accepts the market price for its good as given
The taste-for-discrimination model examines an employer's prejudice and discrimination in hiring by using tools of:
A. Demand theory B. Theory of costs C. Production theory D. Profit theory