_____ Is a Custom or Practice of a Community and a Rule

question 16

Multiple Choice

_____ is a custom or practice of a community and a rule of conduct prescribed or formally recognized as enforceable by a controlling authority.

• A) Litigious
• B) Regulations
• C) Law
• D) Precedents

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Definitions:

Producer Surplus

The difference between the amount that producers are willing to sell a good for and the actual amount received by them after selling it.

Price Floor

A government-imposed minimum price charged for a product, above which market transactions may legally occur.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, naturally established in a free market.

Organizational Culture

The set of shared values, beliefs, and norms that influence the behavior and attitudes of individuals within an organization.