Which of the Following Is a Latent Function of the Educational

question 77

Multiple Choice

Which of the following is a latent function of the educational institution?

• A) to transmit knowledge to youth
• B) to transmit skills to youth
• C) to offer a place for young adults to meet
• D) to impart knowledge necessary to secure a job

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Definitions:

Pure Monopoly

A market structure where a single firm controls the entire market for a product or service, with no close substitutes and significant barriers to entry.

Allocatively Inefficient

A situation where resources are not distributed in a way that maximizes the benefits to society, often leading to a loss of economic welfare.

Marginal Benefit

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

Marginal Cost

The cost of producing one additional unit of a product or service, a key concept in economic theory for decision-making and pricing.