When You Enter a Fast Food Restaurant,you Are Expected to Stand

question 1

Multiple Choice

When you enter a fast food restaurant,you are expected to stand in line and wait your turn to order.This is an example of a

• A)norm.
• B)value.
• C)role.
• D)dyad.

---

Definitions:

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive.

Price Elasticity

An indicator of the degree to which demand for a product reacts to variations in its price, showing how sensitive the demand for the good is to price alterations.

Price Discrimination

A method of setting prices where a provider charges different amounts for the same or almost the same items or services to different customers or in various locations.

Monopoly Practices

Business actions by a monopolist aiming to acquire, enhance, or maintain its monopoly power, often to the detriment of consumers and competition.