The Process by Which a Society Settles Its Conflicts and Allocates

question 17

Multiple Choice

The process by which a society settles its conflicts and allocates the resulting benefits and costs is called

• A)politics.
• B)government.
• C)elitism.
• D)socialism.
• E)communism.

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Definitions:

Peak-Load Pricing

Practice of charging higher prices during peak periods when capacity constraints cause marginal costs to be high.

Two-Part Tariff

Form of pricing in which consumers are charged both an entry and a usage fee.

Bundling

A marketing strategy that involves offering several products or services for sale as one combined product or service package.

Marginal Cost

The added cost of producing one additional unit of output.