According to the Text,what Do We Call Collectively Shared Criteria

question 45

Multiple Choice

According to the text,what do we call collectively shared criteria by which we determine whether something is right or wrong?

• A) sociology
• B) values
• C) theory
• D) functionalism

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Definitions:

Variable Cost

Outlays that adjust in accordance with the volume of production or output, like materials and labor costs.

Loan

A sum of money that is borrowed and expected to be paid back with interest.

Economies of Scale

Refers to the cost advantage that arises with increased output of a product, leading to a reduction in the per-unit cost.

Marginal Cost

An alternative phrasing expressing the additional cost incurred from the production of the next unit of output.