________ Refers to the Reduction in Economic Surplus Resulting from Not

question 63

Multiple Choice

________ refers to the reduction in economic surplus resulting from not being in competitive equilibrium.

• A)Marginal cost
• B)Producer atrophy
• C)Deadweight loss
• D)Economic shortage

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Definitions:

Social Institutions

Organized patterns of beliefs and behavior centered on basic social needs, such as the family, education, government, and religion.

Norms

Socially accepted rules of behavior that dictate the expected conduct of individuals within a group or society.

Scarcity

A fundamental economic problem of having seemingly limitless human wants in a world of limited resources, which leads to the necessity of making choices on how to allocate resources efficiently.

Rewarded

Pertains to receiving a benefit or compensation in return for an action or service.