Specialised Terminology or Technical Language That Members of a Group

question 84

Multiple Choice

Specialised terminology or technical language that members of a group use to communicate among themselves is called ________.

• A)proxemics
• B)jargon
• C)techno language
• D)verbal intonation
• E)body language

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Definitions:

Price Fixing

An illegal or regulated agreement among competitors to maintain a certain price level for goods or services, often leading to less competitive markets and higher prices for consumers.

Market Power

The ability of a firm or group of firms to manipulate prices or output in a particular market, often due to lack of significant competition.

Elasticity Of Demand

A measure of how responsive the quantity demanded of a good or service is to a change in its price.

Mark-Up

The amount added to the cost price of goods to cover overhead and profit; it is the difference between the cost of a good or service and its selling price.