Use the Following to Answer Questions

question 208

Multiple Choice

Use the following to answer questions:
Figure: Price and Quantity 3
-(Figure: Price and Quantity 3) At a quantity of 80 units in the figure, it cost sellers ______ to produce the last unit, but buyers value this last unit at ______.

• A) $80; $50
• B) $50; $20
• C) $20; $80
• D) $80; $20

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Definitions:

Substantive Law

The set of laws that governs how members of a society are to behave, as opposed to procedural law which dictates how the legal system operates.

Correlative

Having a mutual relationship, where one thing corresponds with or is related to another.

Breaches

The failure to perform as stipulated by the terms of a contract, which may result in legal action and damages.

Agents of Socialization

Individuals, groups, or institutions that play a significant role in integrating people into social life by teaching norms, values, and skills.