Final answer:
Mike is living in relative poverty, a condition where he can afford basic needs but not the average standard of living in his society. Unlike absolute poverty, Mike is not devoid of all necessities, but his quality of life is below societal norms due to financial constraints. d) Relative poverty.
Step-by-step explanation:
Mike is a college student who is facing financial challenges and is unable to afford certain comforts and necessities that are common among his peers. This scenario is known as relative poverty, which occurs when a person can cover basic essentials but is unable to reach the standard of living that is considered typical in their society. In other words, while Mike can afford a place to live and basic food items, his quality of life is significantly lower compared to the average individual or family in his country. He faces hardships such as not being able to own a television, rely on inexpensive groceries, and having no access to personal transportation due to the lack of a regular job.
Contrarily, absolute poverty defines a condition where individuals lack even the most essential necessities like adequate food, clean water, and safe housing, which is not the case for Mike. Therefore, the correct answer is that Mike is living in relative poverty. It is important to contextualize the situation within the country's living standards since poverty can greatly differ from one country to another, and Mike's situation is a representation of the disparities that can arise even within a developed nation like the United States.