An ____________________ Is a Professionally Trained Religious Organization Governed by a Hierarchy

question 35

Multiple Choice

An ____________________ is a professionally trained religious organization governed by a hierarchy of leaders which claims everyone in a society as its member.

• A)ecclesiae
• B)denomination
• C)sect
• D)established sect

---

Definitions:

Long Run Equilibrium

A state where all inputs can be adjusted by firms and all prices can fully adapt, leading to resource allocation where supply equals demand.

Industry

Refers to a specific sector of the economy that produces and distributes goods or services, such as the technology or pharmaceutical industry.

Short Run

A period in economic analysis during which some factors of production are fixed, allowing only some inputs or operations to be adjusted.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on what the seller believes each customer can afford or is willing to pay.