Which Subculture Self-Selects on the Basis of a Shared Commitment

question 18

Multiple Choice

Which subculture self-selects on the basis of a shared commitment to a particular product class, brand, or consumption activity?

• A)a regional subculture
• B)a consumption subculture
• C)an ethnic subculture
• D)a collective subculture
• E)a product subculture

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Definitions:

Deadweight Loss

The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable.

Marginal Cost

The boost in comprehensive expenditure that comes from the generation of one more unit of a product or service.

Socially Efficient

A situation in which an allocation of resources maximizes total social welfare, taking into account both the benefits and costs to society as a whole.

Marginal Costs

The increase in cost due to the production of an extra unit of a product or service.