Changes in Demand Will Often Be Met with Changes in Output

question 18

True/False

Changes in demand will often be met with changes in output rather than changes in prices because of formal and informal contracts.

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Definitions:

Culture

The shared beliefs, customs, practices, and social behavior of a particular nation or people.

Shared Rules

Agreed-upon guidelines or norms that govern the behavior of members within a group or society.

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.