Collective Action Means

question 25

Multiple Choice

Collective action means:

• A) a lot of people doing the same thing
• B) what a group of people in a commune do when they do anything at all
• C) taking up money for a good cause
• D) a negative consequence that you don't know about
• E) a brave thing to do

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Definitions:

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, accounting for the cost of opportunity.

Efficient Output

The level of production at which a company or economy can produce the maximum amount of goods and services with the least amount of input costs.

Cost Curves

Graphs in economics that show how the cost of producing a good or service varies with the quantity produced.

Total Costs

The sum of all expenses incurred by a business in producing goods or services, including both fixed and variable costs.