A Culture That Accepts Only One Way of Doing Things

question 99

Multiple Choice

A culture that accepts only one way of doing things and one set of values and beliefs is referred to as a(n) _____.

• A) primary culture
• B) preferred culture
• C) dominating culture
• D) monoculture
• E) pluralism

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Definitions:

Opportunity Cost

The cost of foregone alternatives, representing the benefits one could have received by taking a different decision.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.

Demand Curve

A curve showing the relation between the price of a good and the quantity consumers are willing and able to buy per period, other things constant.

Market Demand Curve

A graphical representation that depicts the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.