One commonly hears reference to "the one percent" referring to the people whose income is in the top 1% of incomes. What is the data behind that number and where do others fall? Using the National Average Wage Index (AWI), an index used by the Social Security Administration to gauge individual's earnings for the purpose of calculating their retirement benefit, we can answer such questions.

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls