For Norms to Be Representative, They Should Include

question 26

Multiple Choice

For norms to be representative, they should include

• A) individuals with relevant characteristics and experience.
• B) equal numbers of various types of individuals.
• C) all possible types of individuals who are in society.
• D) comparison data for 50 years ago, as well as for today.

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Definitions:

Long-Run Average Total Cost

A curve that reflects the lowest cost at which a firm can produce any given level of output in the long term, when all inputs are variable.

Short-Run Average Cost Curves

Graphs that show how the average cost of production changes as the level of output is varied in the short term.

Cost Curves

Graphical representations that show the cost of producing different quantities of a good or service.

Marginal Cost

The rise in cost from producing an extra unit of a good or service.