Norms Are ____

question 186

Multiple Choice

Norms are ____.

• A) expectations that guide the behavior of group members
• B) universal
• C) always unwritten and usually unspoken
• D) rarely helpful to individuals

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Definitions:

Opportunity Costs

Missing out on potential gains from various alternatives once a particular option is picked.

Economics Quiz

A set of questions designed to test knowledge and understanding of economic principles and theories.

Marginal Benefit

The additional satisfaction or utility gained from consuming or using one more unit of a good or service.

Marginal Cost

The additional cost incurred by producing one more unit of a product or service, highlighting how costs vary with production levels.