The age-earning cycle
A) is an earnings profile of an individual throughout his or her lifetime.
B) shows the earnings differences by age and by gender.
C) depicts differences in the relationship between age and earnings across countries.
D) shows the average incomes of people broken down by age categories.
A
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The demand for necessities generally is ________ the demand for luxury goods
A) as elastic as B) more elastic than C) less elastic than D) flatter than E) not comparable to
A point on the demand curve shows the
A) minimum price that people are willing to pay for another unit of a good. B) dollars' worth of other goods that people must sacrifice to consume another unit of the good. C) maximum price that people are willing to pay for another unit of a good. D) consumer surplus a person gains from consuming a unit of a good. E) marginal benefit minus the consumer surplus from consuming another unit of a good.