Informal Institutions Are Composed of Sets Of

question 17

Multiple Choice

Informal institutions are composed of sets of:

• A) mandatory agreements, a bit like the mind's software.
• B) orthodox accords whose goal is to establish rigor.
• C) agreements that are for the most part written and taken for granted.
• D) voluntary agreements.

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Definitions:

Profitable Output

The level of production at which a business or economic activity generates the highest amount of profit, balancing costs and revenues efficiently.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by the forces of supply and demand.

Peak Efficiency

The state or condition in which a system, process, or machine operates at its highest level of effectiveness with minimal waste of resources.

Peak Efficiency

The point at which an operation is performing at its maximum effectiveness without wasting resources.