When the Goals of an Individual Are Accepted and the Means

question 20

Multiple Choice

When the goals of an individual are accepted and the means of attaining the goals are made available to him or her via the social structure, Merton termed this as _.

• A) innovation
• B) conformity
• C) ritualism
• D) retreatism

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Definitions:

Positive Externality

A benefit that is enjoyed by a third-party as a result of an economic transaction, without them necessarily being involved in the transaction.

Marginal Social Benefit

Sum of the marginal private benefit plus the marginal external benefit.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded.

Abatement

The reduction or removal of environmental pollutants or negative externalities to improve environmental quality.