Which of the Following Statements About the Social Norm Convergence

question 21

Multiple Choice

Which of the following statements about the social norm convergence effect is incorrect?

• A) it can only occur when others are physically present
• B) it can occur without the physical presence of others
• C) it will occur faster when uncertainty is high
• D) it is less likely to occur when differences between people are salient

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Definitions:

Price Floor

A government-imposed limit below which prices cannot fall, often used in agricultural markets.

Equilibrium Price

The price at which the quantity of goods demanded equals the quantity of goods supplied, leading to market stability.

Ineffective

Not producing the intended or desired effect.

Economic Cost

The total cost of choosing one action over another, including both direct costs and any lost opportunity costs.