Standards of Behaviour in Groups Are Known as

question 133

Multiple Choice

Standards of behaviour in groups are known as

• A)sanctions.
• B)norms.
• C)roles.
• D)goals.
• E)expectations.

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Third-Degree Price Discrimination

Practice of dividing consumers into two or more groups.

Price Elasticities

Measures of how the quantity demanded or supplied of a good responds to a change in its price.

Marginal Revenue

The additional income gained from selling one more unit of a product or service.