Norms

question 110

Multiple Choice

Norms

• A) are essentially no more than moral rules.
• B) are subjective in nature.
• C) vary in type from folkways to mores to laws.
• D) are subjective in nature and vary in type from folkways to mores to laws are correct.

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Definitions:

Economic Profit

The difference between total revenue and the total costs of inputs, including both explicit and implicit costs.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, essentially covering its opportunity costs.

Competitive Firm

A company that operates in a market where there are many buyers and sellers, and no single entity can control the market price of goods or services.

Lowest Price

The minimum price at which a product or service is offered in the market, typically influenced by competition and cost structures.