What Kind of Group Is a Composed of People Who

question 21

Multiple Choice

What kind of group is a composed of people who are linked by common interests,equal social position,and (usually) similar age?

• A)reference
• B)peer
• C)social
• D)primary

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Definitions:

Adverse Selection

A situation where sellers have more information than buyers, leading to high-quality goods and services being squeezed out of the market because they cannot be adequately priced.

Private Information

Information that some people have, but others do not.

Economic Decisions

Choices made by individuals, businesses, or governments involving the allocation of resources to satisfy their needs and desires.

Correlated Risks

Risks that are linked in such a way that the occurrence of one affects the likelihood of the occurrence of another.