The Persistent Increase in the Prices of Goods and Services

question 105

Multiple Choice

The persistent increase in the prices of goods and services is called:

• A)deflation.
• B)predatory prices.
• C)inflation.
• D)recession.
• E)bid rigging.

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Definitions:

Norms of Primary Groups

The norms of primary groups refer to the expected behaviors and rules established within small, close-knit groups such as families or close friends, which significantly influence individual behavior.

Social Networks

Structures made up of individuals or organizations connected by one or more types of interdependency, such as friendship, kinship, common interest, or economic exchange.

Group Cohesion

The bonding together of members of a group, which creates a sense of unity and promotes mutual support among its members.

Groupthink

A phenomenon where a group makes faulty decisions because of group pressures, leading to a deterioration in mental efficiency, reality testing, and moral judgment.