________ Is the Principal That Persons Are Selected for Social

question 26

Multiple Choice

________ is the principal that persons are selected for social positions based on merit, or achievement in accordance with universal standards and criteria such as talent, motivation, tenacity, and hard work.

• A) human capital
• B) logical rewards
• C) standardization
• D) aristocracy
• E) meritocracy

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Definitions:

Price Discrimination

The strategy of selling the same product to different customers at different prices based on the willingness to pay.

Consumer Surplus

The disparity between the amount consumers propose to pay for a good or service and the amount they finally pay.

Profits

The financial gain obtained when the revenue from business activities exceeds the costs and expenses incurred in operating the business.

Price Discrimination

An approach where the same goods or services, either identical or very similar, are priced differently by the same seller in distinct markets.