A Person's Values Are ________

question 94

Multiple Choice

A person's values are ________.

• A) resistant to change
• B) fixed over time
• C) hard to determine
• D) subject to change every day

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Externality Problem

A situation where the actions of individuals or firms result in costs or benefits to others that are not reflected in the market prices.

Subsidy

A financial contribution provided by government to reduce the cost of producing goods or services and support businesses or consumers.

External Costs

Costs of an economic activity that are not borne by the parties directly involved in the transaction but by other individuals or society at large.