A Crowd Is

question 3

Multiple Choice

A crowd is

• A)a group of cliques that interact on a regular basis.
• B)a small group of close-knit friends with similar interests.
• C)a large group of peers whose membership is based on stereotyped behaviors.
• D)a group put together by the school for a particular activity.

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Definitions:

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, such as high startup costs, strict regulations, or established brand loyalty.

Economic Profits

The excess of total revenues over total costs, including both explicit costs and opportunity costs, indicating a return beyond the normal profit level.

Accounting Profits

The net earnings of a company as calculated by subtracting total expenses from total revenues, according to standard accounting practices.

Perfect Competitor

A theoretical market structure where many firms sell homogeneous products, entry and exit from the market are free, and all participants have perfect information.