MrAnd MrsPribesh Have Begun to Change How They Supervise Their Son

question 70

Multiple Choice

Mr.and Mrs.Pribesh have begun to change how they supervise their son.While they exercise general oversight,they now allow him to take charge of moment-by-moment decision making.The Pribeshes are engaging in

• A)social conventions.
• B)transitive inference.
• C)distributive justice.
• D)coregulation.

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Definitions:

Substitution Effect

(1) A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the good’s own price. (2) The reduction in the quantity demanded of the second of a pair of substitute resources that occurs when the price of the first resource falls and causes firms that employ both resources to switch to using more of the first resource (whose price has fallen) and less of the second resource (whose price has remained the same).

Bilateral Monopoly

A bilateral monopoly occurs when a market consists of only one supplier (monopoly) and one buyer (monopsony), leading to unique negotiations and outcomes concerning prices and quantity.

Monopsonistic Employer

A market situation where a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.

Minimum-Wage Legislation

Laws set by governments to establish the lowest amount that employers can pay their workers per hour.