Inefficient Output and Price,few Choices,and Rent Seeking Are All Problems

question 150

Multiple Choice

Inefficient output and price,few choices,and rent seeking are all problems associated with:

• A) economies of scale.
• B) competitive markets.
• C) monopolies.
• D) scarcity.
• E) trade.

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Definitions:

Norms

In test construction, established standards of performance.

Groupthink

The tendency for all members of a group to think alike for the sake of harmony and to suppress disagreement.

Suppress Dissension

Refers to actions or strategies aimed at minimizing conflict, disagreement, or opposition within a group.

Cultural Cause

A factor or influence related to the customs, beliefs, and practices of a society that affects behaviors or outcomes.