Individualism as a Cultural Value Implies That

question 5

Multiple Choice

Individualism as a cultural value implies that

• A) people have a preference for a loosely knit social framework in society.
• B) people accept a hierarchical order.
• C) people strive for power equalization and demand justification for power inequities.
• D) people maintain a relaxed atmosphere in which practice counts more than principles and deviance is more easily tolerated.

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Definitions:

Consumer Surplus

The discrepancy between the price consumers are ready to offer for a good or service and the price they end up paying.

Marginal Benefit

The enhanced enjoyment or utility gained from the consumption of one extra unit of a good or service.

Total Revenue

The collective revenue a business accumulates from sales of products or provision of services within a set period.

Allocative Efficiency

A state of the economy in which resources are allocated in a way that maximizes the overall benefit to society, where the marginal costs of production are equal to the marginal benefits for all goods and services.