Which Term Refers to "Moral" Norms

question 12

Multiple Choice

Which term refers to "moral" norms?

• A) deviance
• B) laws
• C) folkways
• D) mores

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Definitions:

Consumer Surplus

The contrast between what consumers can and will pay for a good or service and their actual expenditure on it.

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the amount they actually receive (market price).

Total Surplus

The sum of consumer surplus and producer surplus, representing the total net benefit to society from a market transaction.

Deadweight Loss

The reduction of economic efficiency that happens when the free market does not achieve equilibrium for a particular good or service.