Which of the Following Theories Was Developed by the American

question 131

Multiple Choice

Which of the following theories was developed by the American sociologist George H. Cooley?

• A) the role-taking theory
• B) the theory of I and me
• C) the self-development theory
• D) the looking-glass theory

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Definitions:

Competitive Industry

An industry where numerous sellers offer similar products, ensuring no single entity can dictate prices, fostering competition based on price, quality, and innovation.

Monopolist

An individual or entity that is the sole provider of a particular good or service in the market, enabling them to control prices.

Substitutes

Goods or services that can be used in place of each other, where the increase in price of one leads to an increase in demand for the other.

Imperfectly Competitive

Describes markets where individual sellers have some control over the price of their goods or services, as opposed to perfect competition where none exists.