Suppose You Own a Small Business

question 8

Multiple Choice

Suppose you own a small business. Last month, your total revenue was $6,000. In addition, you paid: $1,000 in monthly rent for office space.
$200 in monthly rent for equipment.
$3,000 to your workers in wages for the month.
$1,000 for the supplies you used that month.
If you correctly determine that your economic profit last month was negative $200, then it must be true that:

• A)you do not have any implicit costs.
• B)your implicit costs are $200 per month.
• C)your implicit costs are $1,000 per month.
• D)the rent you pay on your equipment is an implicit cost.

Recognize the characteristics and goals of sensate cultures.

Differentiate between stages and theories of social change.

Analyze the significance of mass society theory in understanding political action.

Identify examples of collective behavior and its impact on social change.

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Definitions:

Injunctive Norm

Social norms that dictate what is perceived as approved or disapproved behavior within a society or group.

Descriptive Norm

A norm that describes how people actually behave in a given situation, rather than how they should behave.

Injunctive Norm

A social norm that prescribes how individuals should behave in a given context, based on the approval or disapproval of others.

Counternormative

Behaviors or practices that go against social norms or expectations, challenging conventional standards.