The Market Price of a Factor of Production That Is

question 256

True/False

The market price of a factor of production that is in fixed supply is determined only by demand.

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Definitions:

Social More

Unwritten rules or norms that are widely observed and are considered conducive to the welfare and continuity of a community.

Social Stigma

Refers to the disapproval of, or discrimination against, an individual or group based on perceivable social characteristics that serve to distinguish them from other members of a society.

Custom

Traditional and established practices or behaviors that are specific to a culture, society, or community.

Monotheism

The belief in a single, all-powerful god, as opposed to religions that believe in multiple gods.