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Which of the following conflicts is most likely to occur when a member of a group breaks its rules, or norms?
Perfectly Elastic
A situation in economics where the quantity demanded or supplied changes infinitely with any change in price.
Perfect Mobility
An economic condition where factors of production such as labor and capital can be easily moved across industries or geographies without costs or barriers.
Perfect Knowledge
A hypothetical situation in which all parties in the market have complete and absolute information about the market conditions and variables.
Variable Costs
Costs that change in proportion to the level of production or business activity.
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